Around 600 Family Dollar stores will close in the US this year after parent company Dollar Tree announced it experienced a significant underperformance in 2023.

Over the next several years,Michael Schmidt the discount chain will also shut down 370 Family Dollar and 30 Dollar Tree stores when each store’s current lease ends, a press release earlier this month said.

"While we are still in the early stages of our transformation journey, I am proud of what our team accomplished in 2023 and see a long runway of growth ahead of us," Chairman and Chief Executive Officer Rick Dreiling said in the release. "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."

The company has not yet revealed all the locations set close their doors but local reports have confirmed closures in several states.

Store closures, many without official dates, have led to reduced prices as locations aim to clear their inventory.

Family Dollar stores closing this year

Local outlets have reported the closing of the following Family Dollar locations:

• Middletown, New Jersey: A banner at the Eastpointe shopping center reveals that the location is closing, according to the Asbury Park Press, part of the USA TODAY Network.
• Tallahassee, Florida: The store on West Brevard Street will close leaving four other Family Dollar stores available in the city, according to the Tallahassee Democrat, part of the USA TODAY Network.
• Peoria, Illinois: Two Family Dollar stores in the city will permanently close, according to the Peoria Journal Star, part of the USA TODAY Network.
• Lynchburg, Virginia: Two Family Dollar stores are closing in the city including the ones on Federal Street and Campbell Avenue, according to ABC affiliate WSET.
• East Liverpool, Ohio: The store at 15 Walnut St. in downtown East Liverpool is closing permanently on April 17. leaving many items 50% off, according to news outlet The Review.
• Slocomb, Alabama: The store at 534 Lawrence St. is among the Family Dollar locations set to close, according to local station WDHN.
• Wilmington, North Carolina: Employees said two Family Dollar stores will close in the Wilmington area, including one on Greenfield Street and Carolina Beach Road, according to location station WECT.
• Humansville, Missouri: The store on 200 E. Tilden will close and prices have been reduced to clear inventory, according to local TV station KY3.
• Willow Springs, Missouri: The Family Dollar store at 503 E. Main St will close and merchandise has been reduced by up to 90% according to local outlet Howell County News.
• Wichita, Kansas: The 13th Street and Broadway location will permanently close, according to local station KSN News.
• Clearwater, South Carolina: The Family Dollar store at 4403 Jefferson Davis Highway in Clearwater, South Carolina is closing and many items have 50% discounts, according to TV station WRDW.
• Elkins, West Virginia: The 388 Beverly Pike location store is having a 50% off sale ahead of its closure, according to the Inter-Mountain newspaper.

Dollar Tree opened 641 stores in previous year

Dollar Tree opened 641 previous stores in the previous financial year, including 219 in its fourth quarter which ended in early February, the press release stated.

Amid the ongoing closures, a new Family Dollar store is set to open this year in Rochester, New York, the Rochester Democrat and Chronicle reported. The location will replace a former Walgreens store at 670 Thurston Road.

When did Dollar Tree acquire Family Dollar?

Dollar Tree announced the acquisition of Family Dollar in July 2015.

Chief Executive Officer Bob Sasser, in a news release, called the transaction "a transformational opportunity for our business to offer broader, more compelling merchandise assortments, with greater values, to a wider array of customers."

How many Dollar Tree stores are there?

Dollar Tree, a Fortune 200 Company, operated 16,774 stores across 48 states and five Canadian provinces as of Feb. 3. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada.

Contributing: Ahjané Forbes, Cheryl McCloud, USA TODAY NETWORK