FB: Dollar Tree to buy Dollar Giant stores for $52M
CHESAPEAKE, Va. -- Dollar Tree Inc. is buying Canada's Dollar Giant Store Ltd. for about $52 million in cash.
The low-priced retailer said Monday that the deal includes 84 Dollar Giant Stores, including substantially all assets, inventory, leasehold rights and intellectual property.
"(This transaction) provides Dollar Tree with an outstanding platform for significant, profitable growth in the Canadian market," President and CEO Bob Sasser said in a statement.
Dollar Giant, based in Vancouver, offers a variety of general merchandise, seasonal goods and everyday items priced at $1.25 Canadian dollars ($1.24) or less.
Dollar Tree had 3,961 stores in 48 states as of Oct. 2. The company is based in Chesapeake, Va.
The acquisition is expected to close by mid-November.
