Discount chains Family Dollar and Dollar Tree (Chesapeake, Va.) will close more than 1000 stores in the next several years, according to CNN.
Family Dollar, which is owned by Dollar Tree, will close approximately 1000 stores – with 600 locations closing this year and 370 to close during the next few years when leases expire. Dollar Tree will close 30 stores when leases expire.
“Persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizable portion of Family Dollar’s [customer base],” Rick Dreiling, Dollar Tree’s CEO, reportedly said in a call with analysts on Wednesday.