8 ON YOUR SIDE: Family Dollar, Dollar Tree closing 1,000 stores

8 ON YOUR SIDE: Family Dollar and Dollar Tree are set to close 1,000 stores starting this year.

Family Dollar says it will close 600 stores in the first half of 2024 and at least 370 more over the next few years as store leases expire.

Its parent company, Dollar Tree, says it will also close 30 stores when leases are up.

It’s not yet known which stores will be the ones to close.

Many Family Dollar stores have been hit with health and safety concerns. This year, it received a record $41.5 million fine for violating product safety standards. The U.S. Justice Department said Family Dollar was selling items that had been stocked in a rat-infested warehouse.

Dollar Tree bought Family Dollar for $8.5 billion in 2015. The combined company hoped it could fight bigger retailers like Dollar General and Walmart.

— CNN