Family Dollar to Close Nearly 1,000 Stores

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Family Dollar will close nearly 1,000 stores, a move its executives say is a result of declining sales and economic headwinds. Dollar Tree, which owns Family Dollar, said Wednesday that it would close 600 Family Dollar locations this year and phase out 370 more when their leases expire. Family Dollar currently has about 8,000 stores. The company said stubborn inflation, theft and the end of pandemic-era additional benefits from the federal government’s Supplemental Nutrition Assistance Program were weighing on the company. “Family Dollar is a victim of the macro environment out there,” Dollar Tree’s chief executive, Rick Dreiling, told analysts on Wednesday.