Dollar Tree, Family Dollar Closing Some 1,000 Stores in Bid to Survive Bidenomics
You know the economy’s bad when even dollar stores are going out of business.
Well, they’re not going out of business exactly — not yet, anyway.
A couple of them, however, are at least undergoing a radical shift in their business models.
According to a recent CNN report, popular dollar stores Family Dollar and Dollar Tree are planning on closing 1,000 stores in the near future.
Family Dollar in particular has been beset with problems.
From rat infestations in warehouses that shut down stores, to appalling safety violations, to failing to compete against the competition of Dollar General and Walmart, Family Dollar has been in a bad place for years now.
But many major discount stores are feeling the crunch caused by the rampant inflation, making it difficult to sell their products at the same level of quality for the same price.
And this in spite of shoppers, beginning with the 2008 recession, turning to these bargain stores to buy their necessities at a lower price.
Despite the buyout of Family Dollar by Dollar Tree in 2015, Family Dollar “was a mess when they acquired it,” analyst Joe Feldman told The New York Times, “and it’s been a mess ever since.”
Thus, Family Dollar is set to close 600 locations in 2024 and 370 more once the stores’ leases expire, while Dollar Tree, apparently the company’s golden child, is only closing 30.
“As we look forward in 2024, we are accelerating our multi-price rollout at Dollar Tree and taking decisive action to improve profitability and unlock value at Family Dollar,” said Rick Dreiling, Dollar Tree chairman and CEO, in a news release reported by ABC News.
“Dollar Tree has $3 and $5 center-store merchandise available at approximately 5,000 Dollar Tree stores and $3, $4, and $5 frozen and refrigerated items available at more than 6,500 Dollar Tree stores,” according to the news release.
What makes this news most strange is that, in times of economic downturn, stores like Family Dollar and Dollar Tree typically thrive.
Granted, Family Dollar was having issues even before the Biden took office, but Dollar Tree and Family Dollar having to go to these lengths does not speak well of the general state of the economy.
Even if this move saves the company in dire economic times, there will still be hundreds, if not thousands of employees deprived of a steady income.
And this is all because of Biden’s disastrous fiscal policy.
As Christ says in the Gospel, by their fruits you will know them.
And the fruits of Bidenomics are abundantly clear to the American consumer.
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