Sycamore, based in New York, said it would operate those stores under the Dollar Express banner. The stores, which are all currently Family Dollar stores, have an annual sales run rate of around $500 million and represent $45.5 million in operating income for Family Dollar.
Dollar Tree, Chesapeake, Va., said it intends to close the $8.5 billion takeover of Family Dollar next month. A sales price for the divesting stores was not disclosed.
Sycamore specializes in retail and consumer investments. The firm has more than $3.5 billion in capital under management and a portfolio including Aeropostale, Hot Topic and Talbots.
"We look forward to drawing on our extensive experience with similar corporate carve-outs in acquiring and operating this attractive portfolio of 330 stores, which have an annual run-rate of approximately $500 million in sales," Peter Morrow, a managing director at Sycamore, said in a statement. "We have a proven track record of retail success and an experienced leadership team. We are eager to better serve the needs of customers in these markets by providing an improved shopping experience."
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