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CHESAPEAKE, Va. — Almost a year after the deal was first announced, Dollar Tree Inc. completed its acquisition of Family Dollar Stores Inc. The combined company now operates more than 13,000 stores in 48 states and five Canadian provinces, with sales exceeding $19 billion.
"This is a transformational opportunity for our business to offer broader, more compelling merchandise assortments, with greater values, to a wider array of customers," said Dollar Tree CEO Bob Sasser. "This acquisition will extend our reach to low-income customers, while strengthening and diversifying our footprint."
Gary Philbin has been named president and chief operating officer of the Family Dollar division, reporting to Sasser. Philbin joined Dollar Tree as senior vice president of stores in December 2001, and was later promoted to COO in March 2007 and to president in June 2013.
"Our focus as an organization will be on the customer — by consistently providing great values, affordable prices and relevant items in a store environment that is convenient, clean, reliable and efficient," Philbin said. "We are well-prepared for the integration process, which is now underway."
Family Dollar CEO Howard R. Levine joins Dollar Tree's board of directors, effective immediately.
The year-long acquisition between the discount chains was not without its bumps. Competitor Dollar General attempted a $9.1-billion hostile takeover bid of Family Dollar last fall.
In addition, as part of the transaction, Family Dollar is divesting 330 stores to private equity firm Sycamore Partners. This came about based on the Federal Trade Commission’s review process.