Everything is fine, guys. Everything is fine.
Family Dollar and Dollar Tree are closing 1,000 stores because a dollar doesn't buy what it used to, but…
Family Dollar, the struggling discount chain that caters to low-income customers predominantly in cities, will close about 1,000 stores.
Family Dollar will close 600 locations this year and 370 stores over the next several years as store leases expire. Family Dollar has around 8,000 US stores.
Dollar Tree, which owns Family Dollar, also said it will close 30 stores as leases expire …
The company has struggled as discount competitors such as Dollar General, Walmart and others grew. More recently, inflation has hit Family Dollar customers and the chain's profits.
That's what I'm talkin' bout, Jack!
Best economy ever!
Inflation is down — and by down I mean prices are only rising by 3.2% year-over-year instead of like 8% — so these store closures couldn't possibly have anything to do with the devaluation of the dollar in any way, shape, or form.
It's totally okay that low-income people will now have even fewer places to shop. That's just music to the ears of Democrats, who could use some desperate voters to promise things to. It's a good thing, actually, when you think about it.
A little background on why this is happening to Family Dollar:
Family Dollar stores were in worse condition than Dollar Tree expected when it acquired the business, analysts say. Although Family Dollar has renovated thousands of stores in recent years, many stores are still poorly maintained. Stores are often understaffed and boxes block aisles.
Family Dollar, Dollar Tree, Dollar General and other discount stores have had longstanding theft issues, operating stores with just a handful of employees who have at times been victims of violent robberies and other crimes …
Family Dollar was hit with a record fine this year for violating product safety standards after selling items that were stocked in a rat-infested warehouse in West Memphis filled with live, dead and decaying rodents.
The $41.6 million fine was "the largest-ever monetary criminal penalty in a food safety case," the Justice Department said.
And while Family Dollar is closing these 1,000 stores, keep in mind that Dollar General is opening about 1,000 stores a year, so hopefully that will fill the void left behind.
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