The closures include mostly Family Dollar stores, some Dollar Tree stores will also close.
Family Dollar, the struggling discount chain that caters to low-income customers predominantly in cities, said Wednesday it will close nearly 1,000 stores.
"Persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizable portion of Family Dollar's" customer base, CEO Rick Dreiling said Wednesday on a call with analysts. Years of bargain hunting has conditioned shoppers to look for discounts instead of paying full price, a mentality that remains to this day.
Family Dollar stores were in worse condition than Dollar Tree expected when it acquired the business, analysts say. Even though Family Dollar has renovated thousands of stores in recent years, many stores are still poorly maintained. Stores are often understaffed and boxes block aisles.
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