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The Family Dollar and Dollar Tree store in downtown Salem is closing less than two years after it first opened.

Dollar Tree is selling off its Family Dollar stores. Meanwhile, Dollar Tree is seeing increased demand among higher-income shoppers.

Dollar Tree is selling off its Family Dollar stores for about $1 billion in a move the company says strengthens both companies.

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