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Family Dollar to cuts jobs, plans to close about 350 stores

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Family Dollar Stores Inc, seeking to reverse declining sales and profit, said on Thursday it would it would cut jobs, shut hundreds of underperforming stores and slash prices.

The discount retailer, which caters to lower income shoppers, many of whom live paycheck to paycheck, reported a 35 percent decline in profit in the quarter that ended March 1, while sales at stores open at least a year fell 3.8 percent. It expects same-store sales to decline this quarter, too.

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