Sunday, April 14, 2024

Family Dollar and Dollar Tree plan to shut down 1,000 stores

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Family Dollar, a store that sells cheap goods mainly in cities to people with low incomes, announced on Wednesday that it will close nearly 1,000 stores.

For a while now, Family Dollar has been having problems. The stores haven’t been managed well, and they’re not in good shape. They got into trouble recently when it was discovered that a warehouse had a big rat problem, which made lots of stores close for a while. They had to pay a big fine for that.

People are also spending less because things are getting more expensive, and this is hurting Family Dollar’s business. Plus, there’s a program called SNAP that helps families buy food, but it’s been giving out less money lately, so people don’t have as much to spend.

Because of all this, Family Dollar is going to close 600 stores this year and 370 more in the next few years. They have a lot of stores all over the US, about 8,000 of them. The company that owns Family Dollar, Dollar Tree, is also closing 30 of its stores.

Closing some stores will help Family Dollar make more money, but it’s going to leave some areas without many places to shop. Family Dollar stores are often in places where there aren’t many other stores.

The company’s stock went down a lot after they announced the store closures.

Family Dollar has been struggling with things like not having enough staff and some of their stores being dangerous. Some of the stores aren’t kept in good shape, and there have been complaints from workers about not being safe. The company got in trouble for selling things from a warehouse that had rats running around.

Dollar Tree, the company that owns Family Dollar, thought buying Family Dollar would help them make more money, but it hasn’t worked out well. They’ve had to close lots of stores over the years.

While Family Dollar has been having a hard time, another similar store, Dollar General, has been doing great. Dollar General has been opening lots of stores every year, and now they have around 18,000 stores. They sell mostly food and everyday stuff, and their prices are lower than Family Dollar’s.

People are choosing to shop at stores like Dollar General, Walmart, and Target because they can get more for their money there.

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