The Federal Trade Commission gave a private equity firm approval to sell to Dollar General 323 stores that Sycamore purchased as part of a divestiture package two years ago, the agency said last week.
Sycamore Partners bought the stores in 2015 when Dollar Tree was forced to sell shops in 35 states to win antitrust approval to buy the Family Dollar chain in what was then a $9.2 billion deal.
Sycamore, which had created Dollar Express to run the business, asked the FTC to approve the stores’ transfer to competitor Dollar General in March and said in a document filed with the FTC that the chain could “no longer viably operate as a standalone business.”
Sycamore blamed the economic woes on an overall decline in dollar store business, tough competition from Dollar Tree, wage inflation and other costs, according to the document.
Full Content: Nashville Post
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