Credit: Tom Sofield/LevittownNow.com
A messy acquisition involving Dollar Tree taking over Family Dollar stores has closed.
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The $9 million merger will see the 330 Family Dollar stores sold to private equity firm Sycamore Partners and the rest will be taken over by Dollar Tree. The sale cames as part of a settlement with the Federal Trade Commission after concerns were raised in lawsuits challenging the merger of the discount merchandise retailers.
The two local Family Dollars stores – 4551 New Falls Road, Levittown (Middletown) and 332 West Trenton Ave, Suite 11, Morrisville (Falls Township) – have been sold to private equity firm Sycamore Partners. The stores that are sold will operate under the Dollar Express banner.
Pennsylvania Attorney General Katherine Kane said in a press release that her office filed a lawsuit and worked with the FTC after concerns about the lack of competition in the market.
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“These stores are located across Pennsylvania in both small towns and in our larger cities and suburbs,” Kane said. “We wanted to ensure there would be competition in these areas and that consumers were being offered the best prices and merchandise.”
The sale of the local stores to Sycamore Partners is expected to take place with in the next 150 days.
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