In a statement, MacNaughton described Family’s Dollar latest chapter as a “chance to return to our roots, refocus on our unique strengths, and build a future tailored to the communities we proudly serve.”
“We’re energized by the opportunity to stand on our own and reimagine what value means for families across America,” he continued. “We are building a new Family Dollar, and we are better positioned to empower all our associates and shape a bold, future-focused company.”
amily Dollar will remain headquartered in Chesapeake, Va., and continue its mission to “serve the underserved,” focused on the opportunity to build a “new Family Dollar.” The retailer said its new dedicated leadership team and backing of new owners are committed to improving the overall business, investing in its people, and deepening its impact in the communities it serves.
“We look forward to investing in Family Dollar’s growth as its own enterprise,” said Matt Perkal, partner at Brigade. “Meeting this moment with renewed focus and new management, we are confident Family Dollar will deliver the quality and value its customers throughout the U.S. want and expect.”
Dollar Tree
In a statement, Mike Creedon, CEO of Dollar Tree, said the completion of the deal marked a defining moment for the company.
“With a singular focus on our core business, we are doubling down on what we do best – delivering value, convenience, and discovery to our customers every day,” he said. “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.”
Net proceeds from the sale are estimated to total approximately $800 million comprised of $665 million paid at closing and approximately $135 million as a result of the monetization of cash prior to closing through a reduction of net working capital. Dollar Tree expects the economic impact of tax benefits from losses on the sale to be approximately $375 million.
Dollar Tree operates more than 9,000 stores and 18 distribution centers across 48 contiguous states and five Canadian provinces under the brands Dollar Tree and Dollar Tree Canada.
https://chainstoreage.com/done-deal-dollar-tree-completes-101-billion-sale-family-dollar