Attorney General Herbert H. Siatery III made an announcement on Thursday, saying that the Federal Trade Commission finally approved the merging of Dollar Tree and Family Dollar.
Dollar Tree, headquartered in Chesapeake, Va., is set to buy Family Dollar. The total amount of the acquisition is $9.2 billion and part of the agreement is for Dollar Tree to sell at least 300 Family Dollar stores nationwide.
Chattanoogan reported that Dollar Tree will sell the affected Family Dollar stores to Sycamore Partners, which in turn is going to change the name of the stores to DollarExpress.
Attorney General Slatery said, "One of our concerns about the merger was that it would substantially lessen competition in markets like Nashville and Memphis. By requiring stores to be sold to a new company in the marketplace, that competition to offer the best prices and merchandise will remain."
It's being anticipated that the merger of Dollar Tree and Family Tree will result into one discount store giant that can rival Wal-Mart and Target, Rapid News reported.
Debbie Feinstein, director of FTC Bureau of Competition, told Post Gazette, "Dollar stores offer convenience and value by providing a broad assortment of general merchandise at discounted prices in stores close to where consumers live or work. This settlement will ensure that consumers will continue to benefit from competition among their local dollar stores."
Family Dollar currently has 8,000 store nationwide while Dollar Tree has 5,200 stores. Dollar Tree is not the only one interested in buying Family Dollar. Dollar General also expressed interest in buying Family Dollar, but Dollar Tree won the bidding.
Partial lists of the stores that are affected by the merging were already released. The list include the following:
- Family Dollar Store #758 located at 1945 South 3rd Street, Southgate Plaza, Memphis. TN 38109
- Family Dollar Store #942 2252-I Lamar Avenue, Lamar Airways Shopping Center, Memphis, TN 38114
- Family Dollar Store #9312 6195 Winchester Road. Memphis, TN 38115
- Family Dollar Store #8386 3407 Gallatin Pike, Nashville, TN 37216
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