Dollar Tree Announces Closure of Nearly 1,000 Stores Following Financial Losses

The discount retailer's decision comes after a challenging fiscal year, with plans to close Family Dollar and Dollar Tree stores across the U.S..

Dollar Tree to close about 600 Family Dollar stores in the first half of fiscal 2024, with additional closures of 370 Family Dollar and 30 Dollar Tree stores in the coming years.
The closures represent a strategic move following a net loss of $1.71 billion in the fourth quarter, marking a significant downturn from the previous year's profit.
Increased competition from e-commerce platforms and shifting consumer spending towards essentials have impacted the profitability of dollar stores.
Family Dollar has faced health and safety concerns, including a fine for storing products in a rodent-infested warehouse, contributing to the decision to close stores.
Dollar Tree's stock fell 14% following the announcement, reflecting investor concerns over the company's future performance.