CHESAPEAKE, Va. The acquisition of 85 Dollar Giant stores in Canada by Chesapeake, Va.-based Dollar Tree gives the company its first international exposure and a potential new avenue of growth. Dollar Tree currently operates 3,961 stores in 48 U.S. states.
“I am excited about the opportunity to expand our presence into Canada,” said Bob Sasser, Dollar Tree president and CEO. “Dollar Giant is an excellent fit for us. This acquisition will enable us to further leverage our resources and infrastructure to offer more value to more customers. It provides Dollar Tree with an outstanding platform for significant, profitable growth in the Canadian market.”
Both companies are single price point retailers. Merchandise sold at Dollar Tree is offered for $1 or less, while Dollar Giant sells for $1.25 in Canadian dollars.
Dollar Tree said it expects to complete the $52 million acquisition by mid-November.