Dollar Tree to sell 7 Maine stores in buyout deal
National discount chain Dollar Tree Inc. has agreed to sell seven Family Dollar stores in Maine over concerns that its proposed acquisition of Family Dollar Stores Inc. “would substantially lessen competition in several Maine markets.”
Dollar Tree’s plan to sell more than 300 Family Dollar stores nationwide stems from a settlement reached between the company, the Federal Trade Commission and attorneys general from 17 states including Maine, Maine Attorney General Janet Mills said in a release.
The settlement comes after shareholders for Family Dollar, which operates more than 8,000 stores nationwide and roughly 60 in Maine, approved a bid by Dollar Tree, which operates more than 4,200 stores and more than 25 in Maine, to buy the company in January for $8.7 billion.
The affected stores are being sold and rebranded as Dollar Express stores, a new brand being started by New York City private equity firm Sycamore Partners. The stores are located in Caribou, Gray, Lewiston, Livermore Falls, Old Town, South Portland and Waterville.
"These stores are located in both small towns and in our larger cities and suburbs," Mills said in a prepared statement. "We wanted to be sure that in areas where these stores were near each other that there would still be competition to offer the best prices and merchandise."
Sycamore Partners is expected to rebrand the Family Dollar stores within the next few months.
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