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Dollar Tree is selling its Family Dollar stores to a group of private-equity investors for about $1 billion.

Bridge Capital Management and Macellum Capital Management are the buyers of the聽.

Family Dollar is frequently located in urban areas and sells items such as groceries, cleaning products and other products at a variety of prices. Dollar Tree, on the other hand, sells mostly party supplies, knickknacks and crafts in suburban areas. That store had products priced at a dollar for most of its existence, but聽聽of items to $1.25 to $1.50 and sometimes higher.

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鈥淭his is a major milestone in our multi-year transformation journey to help us fully achieve our potential,鈥澛�.

聽will keep its headquarters in Chesapeake, Virginia.

There are聽聽stores in the U.S.聽聽has more than 8,000 locations in the U.S. and Canada.

The company also has聽聽that are both Family Dollar and Dollar Tree locations.