"Dollar Tree and Family Dollar Announce Plans to Close 1,000 Stores Over Coming Years, with 600 Locations to Shutter in 2024"

National retail chain Family Dollar is poised to shutter approximately 1,000 stores over the next few years, reflecting the company's ongoing challenges in attracting a stable customer base. Dollar Tree, the parent company of Family Dollar, is hopeful that these closures will contribute to the organization's long-term profitability, as reported by CNN.

This year, roughly 600 Family Dollar stores are slated for closure, with an additional 370 expected to follow suit in the coming years. Dollar Tree itself will also close 30 stores as leases expire across various locations nationwide. However, specific details regarding which stores will be affected have not yet been made public.

The decision to close stores comes on the heels of a recent record-breaking fine of $41.6 million imposed on the company. The fine was levied after it was uncovered that Family Dollar and Dollar Tree had violated product safety standards. An investigation revealed that items sold in their stores were stored in a warehouse infested with rats, hosting live, dead, and decaying rodents.

Dollar Tree's acquisition of Family Dollar in 2015 for $8.5 billion has not yielded the same level of success as its main competitor, Dollar General. While Family Dollar grapples with closures, Dollar General has thrived, opening an estimated 1,000 stores annually in recent years and expanding its footprint to 18,000 locations nationwide.

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