Dollar Tree outlined plans Wednesday to shutter nearly 1,000 Family Dollar stores nationwide, as consumers continue to feel the inflationary sting of essentials such as groceries.
The move comes after the discount retailer missed quarterly sales and profit targets. The company, which as of early February listed 16,774 stores across 48 states and five Canadian provinces, will close 600 Family Dollar locations in the first half of the fiscal year. An additional 370 Family Dollar and 30 Dollar Tree stores will not renew their leases.