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Dollar Tree Inc. has completed the divestiture of 330 Family Dollar stores to Dollar Express LLC, a portfolio company of equity firm Sycamore Partners.
The divestiture is part of a mandate set by the Federal Trade Commission in connection with Dollar Tree's recent acquisition of Family Stores Inc. The stores will operate under the Dollar Express banner.
"We are pleased to have completed this acquisition, which adds to our growing portfolio of leading retailers and consumer brands," said Peter Morrow, a managing director at Sycamore Partners.
"We look forward to operating these 330 stores as Dollar Express, a brand new, nationwide discount retailer that is well-positioned as an innovator in the market. We believe our significant experience with carve-out transactions will be beneficial in supporting the Dollar Express team to serve our loyal customers and create value," Morrow added.
Chesapeake, Va.-based Dollar Tree operates 13,864 stores in 48 states and five Canadian provinces.