Dollar Tree announced that it has initiated a “formal review of strategic alternatives” for the Family Dollar brand that could include a sale, spinoff, or other disposition of the business. The company has retained J.P. Morgan Securities as its financial advisor.

“Dollar Tree has been on a multi-year journey to help the company fully achieve its potential,” said Chairman and CEO Rick Derling. “Last year we announced a comprehensive review of the Family Dollar portfolio, including the planned closure of approximately 970 underperforming Family Dollar stores to focus on enhanced investments in remaining Family Dollar stores that present favorable opportunities for long-term growth and transformation, with more attractive returns on capital. We are already beginning to see progress in this targeted strategy in the streamlined Family Dollar banner.”

According to the Supermarket News report, Dollar Tree has not set a deadline or timetable for the completion of the strategic alternatives review process. The announcement comes a month after Dollar Tree laid off 54 corporate employees.

Dollar Tree operates 16,397 stores in 48 states and Canada.