PredictIQ Quantitative Think Tank Center:Dollar Tree is closing 1,000 stores, including 600 Family Dollar locations in 2024. Here's where.

What happened to Dollar Tree? Retailer closing 1,000 stores

Dollar Tree announced that it is closing nearly 1,000 stores amid flagging sales, including 600 of its Family Dollar store locations in 2024. 

The discount retailer also plans to close an additional 370 Family Dollars, plus 30 Dollar Tree stores over the next few years, at the end of their leases. In total, the planned closures represent about 15% of its Family Dollar locations.

The retailer's family of brands has struggled as inflation impacts its low-income shoppers' wallets. More customers are shopping around and comparing prices at competing retailers to ensure they are getting the best deal, while more incidences of shoplifting are also hurting its bottom line, the retailer has said. 

The closures could hit some communities hard, according to Dominick Miserandino of RetailWire. 

"They might be the only store that serves the entire community in this area," Miserandino told CBS News. "They might have been one of the few jobs in the community."

He added, "These communities are dependent on these stores."

Dollar Tree, which acquired Family Dollar for more than $8 billion nearly a decade ago, has not released a comprehensive list of the locations it is closing. The company didn't return requests for comment.

Here is a list of Family Dollar stores that are known to be closing so far.

• Peoria, Illinois: Two Family Dollar stores in Peoria, Illinois are preparing to close their doors for good, according to the Peoria Journal Star. Banners on their exteriors indicate that they're going out of business and that "everything must be sold."
• Humansville, Missouri: The Family Dollar store in Humansville, Missouri, will shutter its doors, according to a KY3 report. A sign on the store's door indicates the company is closing the location and urged customers to visit stores in Stockton and El Dorado instead. The store is reportedly slashing prices further to clear out inventory.
• Willow Springs, Missouri: A Family Dollar store in Willow Springs, also in Missouri, will close, according to a local news report. Cashiers at the store confirmed the closure to Howell County News. Merchandise is being discounted by up to 90%, according to the report. 
• Middletown, New Jersey: A broad banner on the front of a Family Dollar store at the Eastpointe shopping center in Middletown, New Jersey hangs to let customers now it's their last chance to shop there, according to the Asbury Park Press.
• Wilmington, North Carolina: Two Family Dollar locations in Wilmington, North Carolina, on Greenfield Street and Carolina Beach Road, are closing, according to WECT6. Employees at the stores said they haven't been told when the closing date yet, however.
• Lynchburg, Virginia: Two Family Dollar stores in Lynchburg, Virginia are closing, according to WSET. The stores are located on Campbell Avenue and Federal Street.

Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News Streaming to discuss her reporting.