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Dollar Tree announced on Wednesday that it has agreed to sell its Family Dollar division to a group of private equity firms in a deal valued at approximately $1 billion.

Dollar Tree is ending its short-lived and ill-fated Family Dollar experiment, offloading the discount brand for $1 billion – just a fraction of its purchase price from a decade ago.

Dollar Tree is selling Family Dollar to a pair of private equity firms in a deal worth approximately $1 billion after unsuccessfully trying to incorporate it into its business for a decade.

Dollar Tree purchased Family Dollar in 2015 for about $9 billion, hoping the merger would help both stores reach more customers. But it struggled to effectively manage the Family Dollar brand.

Family Dollar Store Closures. There are around 8,000 Family Dollar locations across the U.S., but the chain has struggled amid ambitious expansion plans and Dollar Tree had already announced in ...