Dollar Tree & Family Dollar Announce Plan to Close 1,000 Stores

Over the next few years, Dollar Tree and Family Dollar will close 1,000 stores in the United States. Dollar Tree purchased the Family Dolar chain in 2015.

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Here's the Breakdown of Store Closures:

Family Dollar plans to close 600 locations in 2024.

Family Dollar will then close 370 stores over the next several years as those stores' leases expire.

Dollar Tree (which owns Family Dollar) will also close 30 stores as those stores' leases expire.

CEO Cites Economic Factors as Reason for Store Closures

Rick Drelling is the CEO of Dollar Tree. He says economic factors have severely impacted the chain's customer base, which has cut into the company's bottom line.

“Persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizable portion of Family Dollar’s” customer base." Drelling says.

Family Dollar's focus has predominantly been on low-income consumers.

Drelling indicates to CNN that the move is intended to improve the company's overall profitability.

How Many Family Dollar and Dollar Tree Stores Are in Michigan and Are Any of Them Expected to Close?

Locations of stores that are to be closed haven't yet been announced so it's unknown at this time if any Michigan locations will be shuttered.

Family Dollar currently operates 367 stores in Michigan while Dollar Tree has store locations in 169 Michigan cities with some cities having more than one location.

Dollar Tree operates more than 16,000 stores in the 48 states in Canada.