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CHESAPEAKE, Va. -- Discount chain Dollar Tree Stores, Inc. here has completed its acquisition of 138 stores and related assets of the Deal$-Nothing Over a Dollar chain, which was owned by Minneapolis-based Supervalu, Inc.
Under the terms of the agreement, Dollar Tree acquired 138 Deal$ stores including store assets, leasehold rights, and certain intellectual property for approximately $30.5 million in cash. In addition, Dollar Tree has purchased approximately $22.2 million of inventory, subject to verification, from Deal$.
Substantially all Deal$ stores will continue to operate under the Deal$ banner, and they will provide an opportunity to leverage the Dollar Tree infrastructure.
Based in St. Louis, Mo., Deal$ stores offer a wide assortment of quality general merchandise, contemporary seasonal goods, and everyday consumables. The stores average 11,000 gross square feet and operate in 16 states: Alabama, Arkansas, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Missouri, Ohio, Oklahoma, Pennsylvania, Tennessee, West Virginia, and Wisconsin.
"We are very excited about the opportunities that this acquisition provides," said Bob Sasser, president and c.e.o. of Dollar Tree, in a statement. "Not only will we be expanding our presence in the Midwest and Southeast regions, but the Deal$ acquisition includes some excellent store locations, along with a seasoned and dedicated sales force that provides great customer service."
With the completion of this acquisition, Dollar Tree Stores, Inc. now operates 3,097 stores in 48 states, including 2,959 Dollar Tree Stores and 138 Deal$ stores.