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CHARLOTTE, N.C. – There’s a new dollar store player in town. Dollar Express LLC, a portfolio company of equity firm Sycamore Partners, completed its acquisition of 330 Family Dollar stores in 36 states from Dollar Tree Inc. and will now launch a new nationwide discount retailer.
"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.”
The divestiture by Dollar Tree was part of a mandate set by the Federal Trade Commission in connection with Dollar Tree's recent acquisition of Family Dollar Stores Inc. Chesapeake, Va.-based Dollar Tree operates 13,864 stores in 48 states and five Canadian provinces.
“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.