The 7,613 Family Dollar stores across the nation, including 34 in the Mahoning and Shenango Valleys, will have new owners.

Dollar Tree executives have announced an agreement to sell its Family Dollar business segment to Brigade Capital Management, LP and Macellum Capital Management, LLC for $1.007 billion.

Calling the sale a “major milestone” in the company’s transformation, Dollar Tree CEO Mike Creedon said it will allow it to focus on its Dollar Tree business. Family Dollar will remain headquartered in Chesapeake, Virginia.

“We will continue to grow and optimize our Dollar Tree business to maximize value for Dollar Tree associates, customers, and shareholders with an enhanced focus on compelling initiatives, including our expanded assortment, significant planned new store openings across the United States, and transactions that advance our growth strategy,” Creedon said in a statement.

Family Dollar President Jason Nordin will continue to lead the business under its new ownership.

Brigade Capital Management and Macellum Capital Management said they plan to support Family Dollar’s growth as a private company.

Jonathan Duskin, CEO and partner of Macellum, added, “This transaction presented a unique opportunity to play a key role in reinvigorating an iconic business.”

Duncan MacNaughton, former president and chief operating officer of Family Dollar, will join the company as chairman.

The deal is expected to close later in the second quarter of 2025.

Last spring, Family Dollar announced 265 layoffs in Ohio and the closure of five stores in the Valley