Dollar Tree is selling its Family Dollar stores to a group of private-equity investors for about $1 billion.
Bridge Capital Management and Macellum Capital Management are the buyers of the discount store chain.
Family Dollar is frequently located in urban areas and sells items such as groceries, cleaning products and other products at a variety of prices. Dollar Tree, on the other hand, sells mostly party supplies, knickknacks and crafts in suburban areas. That store had products priced at a dollar for most of its existence, but in 2021, it raised the prices of items to $1.25 to $1.50 and sometimes higher.
“This is a major milestone in our multi-year transformation journey to help us fully achieve our potential,” CEO Mike Creedon said.
Family Dollar will keep its headquarters in Chesapeake, Virginia.
There are 7,613 Family Dollar stores in the U.S. Dollar Tree has more than 8,000 locations in the U.S. and Canada.
The company also has 1,200 “combo” stores that are both Family Dollar and Dollar Tree locations.
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