Dollar Tree purchase of Family Dollar expected to close July 6

Dollar Tree’s pending acquisition of Matthews-based Family Dollar Stores is expected to close on Monday.

Completion of the deal will end local control of a 56-year-old homegrown retailer. It also draws to a close a yearlong drama that featured a hostile takeover attempt from another rival, Dollar General.

In separate securities filings Thursday, the two companies said the Federal Trade Commission has approved the deal, and that Dollar Tree can now complete its purchase of Family Dollar.

Completion of the deal, the two companies said, is “subject to the satisfaction of remaining closing conditions.”

Family Dollar shareholders approved the $8.5 billion sale of the local company to Chesapeake, Va.-based Dollar Tree back in January.

Dollar Tree has said it plans to keep the Family Dollar banner and headquarters offices, though it’s still unknown how many, if any, of the 1,300 employees there will lose their jobs.

The combined company will operate about 13,000 stores, making it the largest dollar store chain in the U.S. by store count. In May, Dollar Tree said it reached an agreement with federal regulators to sell 330 Family Dollar locations to a private equity firm, which will operate the stores under the name Dollar Express.

On Wednesday, Family Dollar said its third-quarter profits fell about 1 percent from a year ago. The discount retailer reported net income of $79.9 million in the three months ended May 30, compared with $81.1 million in the prior-year period. Earnings per share were 70 cents versus 71 cents a year ago.

Family Dollar shares were unchanged in after-hours trading at $79.39.

This story was originally published July 2, 2015 at 4:47 PM with the headline "Dollar Tree purchase of Family Dollar expected to close July 6."