Dollar Tree announces closure of 1,000 stores. What does it mean for New Jersey?

Some residents say the loss of these stores in their neighborhoods could have devastating consequences.

Karina Gerry

Mar 13, 2024, 9:49 PM

Updated 35 days ago


Dollar Tree and Family Dollar announced on Wednesday that 1,000 stores across the country will be closing. Family Dollar will close 600 stores in 2024, and another 370 will close over the next several years as leases expire. Dollar Tree, which owns Family Dollar, will be closing 30 of its stores as leases expire as well.
These stores cater to low-income individuals. Some residents say the loss of these stores in their neighborhoods could have devastating consequences.
“When you go to the supermarkets, I can’t believe the prices,” said Edison resident Rose. “Every time I go, they’re like a dollar or $2 more. I can't afford it anymore.”
There are currently 75 Family Dollar stores in New Jersey and over 170 Dollar Trees. News 12 reached out to the company for a statement and a spokesperson had this to say.
“As previously disclosed, in the fourth quarter of 2023 we initiated a comprehensive review of our store portfolio to identify and address underperforming stores and invest in improved store standards and growth. Our review identified approximately 600 Family Dollar stores for closure in the first half of 2024 and an additional approximately 370 stores to be closed over the next several years during the normal course of lease expiration. Family Dollar and Dollar Tree stores are important to thousands of communities across this country. We owe it to those we serve to position all of our stores for success and meet the expectations of our valued customers and associates.”
The chain has struggled to compete with fellow discount competitors for several years now and recently came under scrutiny when they were forced to pay a $40 million fine for a rat infestation at a warehouse that forced hundreds of stores to temporarily close. Adding in high inflation, a general consumer pullback has caused major profit losses for the company.
The number of stores closing in New Jersey was not currently known.

More from News 12