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Dollar Tree announced on Wednesday that it will soon begin closing 1,000 stores across the nation. Most of the stores that will close fall under the Family Dollar brand and those are expected to close in the first fiscal half of 2024 according to Axios.

Dollar Tree announced Wednesday that 600 Family Dollar locations will close in 2024. Over the next several years, an additional 370 Family Dollar locations and 30 Dollar Tree locations will close. Those locations will close as leases end according to the report from Axios.

According to CNN, mismanagement and poor conditions in stores have hurt Family Dollar's brand. Theft has also grown at stores and according to CNN a reduction in SNAP benefits have also hit the company hard.

Will Lubbock Locations of Family Dollar or Dollar Tree Close?

While 1,000 stores are slated to be closed, a full list hasn't been released yet by Dollar Tree. In Lubbock, there are 11 Family Dollar locations and 10 Dollar Tree locations. It wouldn't be a big surprise to see at least one or two of the underperforming Family Dollar locations close.

Other Low-Priced Chains Growing

According to CNN, shoppers have shifted towards Dollar General, Walmart, and Target in recent years to help with their own personal and family budgets.

We will keep an eye on upcoming store closures in and around Lubbock for both Dollar Tree and Family Dollar.

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