Dollar Giant is now Dollar Tree Canada
Dollar Tree Acquisition
Dollar Tree, Inc (NASDAQ: DLTR) has completed its purchase of the assets of the Dollar Giant Store (B.C.) Ltd. Under the terms of agreement, Dollar Tree acquired 86 Dollar Giant stores including substantially all assets, inventory, leasehold rights and intellectual property for approximately $52 million (USD) in cash, plus the assumption of certain liabilities. This is Dollar Tree’s first expansion of its retail operations outside of the United States.
Based in Vancouver, British Columbia, Dollar Giant stores offer a wide assortment of quality general merchandise, contemporary seasonal goods, and everyday consumables, all priced at $1.25 (CAD) or less. The stores average 9,000 gross square feet and operate in British Columbia, Ontario, Alberta, and Saskatchewan. Since the acquisition, Dollar Tree Canada has opened an additional 13 stores, including locations in Manitoba.
“I am pleased to announce the completion of our acquisition of Dollar Giant,” said Bob Sasser, President and CEO. “We now have an outstanding platform for significant expansions in Canada, with an experienced team of management and associates. It is an exciting opportunity to offer more value to more customers.”
Dollar Tree has a long record of consistent growth and excellent returns to shareholders. The acquisition of Dollar Giant is part of the Company’s strategy to invest for continued profitable growth by expanding its store base, improving store productivity and developing new retail formats. Dollar Tree, Inc. is the nation’s leading operator of discount variety stores selling everything for $1 or less. Dollar Tree, a Fortune 500 Company, operates more than 4,300 stores in 48 U.S. States.