CHESAPEAKE, Va. — Dollar Tree has completed its sale of the Family Dollar segment of its business for just over $1 billion, according to a press release on the Chesapeake-based company's website.
The sale to Brigade Capital Management LP was announced by Dollar Tree in March, and was completed this month, according to the release.
“The completion of this transaction marks a defining moment for Dollar Tree,” said Mike Creedon, CEO of Dollar Tree, Inc. “Now more than ever before, we are poised to accelerate our growth, innovate faster, and unlock our full potential as a category leader in value retail.”
Dollar Tree said the sale is part of the discount giant's growth plans, which also include new available items, add to its 9,000-store portfolio, and attempts to bring in new customers.
Family Dollar was originally sold to Dollar Tree for $8 billion during a bidding war between Dollar Tree and Dollar General.
