Dollar Tree has agreed to sell Family Dollar to private equity firms a decade after buying it for $9 billion. The chain has more than 50 Connecticut stores.

Dollar Tree is selling its Family Dollar business at a discount. A decade after buying the 66-year-old business, Family Dollar, for $8.81 billion and absorbing the chain's locations, Dollar Tree is agreeing to the chain being acquired by the private equity firms Brigade Capital Management and Macellum Capital Management for just over $1 billion.

Dollar Tree announced Wednesday that it will sell off the Family Dollar chain a decade after acquiring those stores. The bargain retail chain announced that Brigade Capital Management and Macellum Capital Management would partner to acquire Family Dollar for roughly $1 billion.