Dollar Tree has announced it will be closing almost 1,000 of its locations between its Dollar Tree stores and its subsidiary chain Family Dollar on Wednesday.
Family Dollar will close 600 locations in the first half of 2024 followed by another 370 stores over the next few years as leases expire.
In 2015, Dollar Tree bought Family Dollar for $8.5 billion.
"Our biggest problem right now is getting enough merchandise into the stores fast enough so the consumer can respond," CEO Rick Dreilling said.
Dollar Tree claims high costs and surging prices are the reason they are unable to attract new customers.
Dollar Tree stock fell 14% on Wednesday after the announcement.
By - SC
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