Last updated on July 8th, 2015 at 03:46 pm
Dollar Tree has completed the acquisition of Family Dollar Stores, a leading national discount retailer offering name brands and private brand merchandise. The new combined company creates a combined organization with sales exceeding $19 billion annually with more than 13,600 stores across 48 states and five Canadian provinces. The new company intends to retain and to grow both banners going forward.
Bob Sasser, Dollar Tree CEO, said, “This is a transformational opportunity for our business to offer broader, more compelling merchandise assortments, with greater values, to a wider array of customers. This acquisition will extend our reach to low-income customers, while strengthening and diversifying our footprint. We plan to leverage best practices across both organizations to deliver significant cost synergies. Combined, our growth potential is enhanced with improved opportunities to increase store productivity and to open more stores across multiple banners.”
The company also announced that Gary Philbin has been named president and COO of Family Dollar. In his new role, Philbin will continue to report to Sasser. Additionally, the company announced that Howard Levine, CEO of Family Dollar, has been appointed to Dollar Tree’s board of directors.