Foreign Exchange Market

Family Dollar to close 370 stores

Family Dollar to close 370 stores

Family Dollar Stores Inc., seeking to reverse declining sales and profit, said on Thursday it is slashing prices to win shoppers, cutting jobs and shutting hundreds of stores. The retailer has more than 50 stores in Hampton Roads, including one on Merrimac Trail in Williamsburg, according to an online store locator. The company has not yet specified which locations will close.

Family Dollar, which operates 8,100 stores across the United States, also said it would close 370 unprofitable stores, and slow its expansion. The company will open between 350 and 400 new stores next fiscal year, rather than the 500 initially planned.

Family Dollar, which caters to lower-income...