Dollar Tree to close nearly a thousand stores

(NBC, KYMA/KECY) - Dollar Tree Inc. says it plans to close nearly 1,000 underperforming Family Dollar stores.

The company says it will close 970 of its Family Dollar stores, 600 of those in the first half of this year. The remaining 370 will close over the next few years as their leases expire. In addition, 30 Dollar Tree stores will also close at the end of their leases.

Dollar stores have been struggling to deal with a shift in consumer spending while also receiving more competition from rivals such as Walmart and Chinese e-commerce platform Temu

Dollar Tree, which is a fortune 200 company, operated 16,774 stores across 48 states and five Canadian provinces as of February of this year.