A CBS News story reported this week that the Family Dollar store in Monticello was one of hundreds of the Dollar Tree-owned stores scheduled to close this year, and one of 22 in Mississippi.

An unidentified person with connections to the Lawrence County store denied that the store was slated to close, saying the information CBS News had was false.

On March 13, Dollar Tree announced plans to close approximately 600 Family Dollar stores across the nation in the first half of 2024, followed by 370 Family Dollar and 30 Dollar Tree stores over the coming years as their leases expire.

“This dramatic cull is the coup de grace in the rather botched acquisition of the Family Dollar chain, which has caused Dollar Tree nothing but hassle since it was completed back in 2015,” said Neil Saunders, managing director of GlobalData.

The discount store chain lost approximately $1.7 billion in the fourth quarter of 2023, down from earnings of $452.2 million one year previously. Revenue had climbed to $8.6 billion from $7.7 billion, but fell short of Wall Street forecasts.

Dollar Tree acquired Family Dollar for more than $8 billion after a bidding war with Dollar General, but has had difficulty absorbing the chain since.

“Over recent years, rates of shopping around have increased, and we believe that they will only increase further in the years ahead as other chains like Walmart, Aldi, and Dollar General continue to expand,” Saunders said. “Against this backdrop, Family Dollar does not want to invest in markets where it cannot win and is not particularly profitable.”

To see the list of stores CBS News published, click here.