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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 Family Dollar for drastically less than it paid to buy it. The pace of Family Dollar store closures could increase once the chain is sold to its private equity acquirers.

Dollar Tree’s decade-long effort to fold the Family Dollar chain into its business is ending after agreeing to sell the bargain store chain to a pair of private equity firms for $1 billion.

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

Dollar Tree is selling Family Dollar to private equity firms Brigade Capital Management and Macellum Capital Management for approximately $1 billion.