Federated sells nine stores to mall operator
By Staff -- Home Textiles Today, 5/24/2006 12:07:00 PM
Cincinnati – Continuing to shed duplicate May locations, Federated Department Stores today said it will sell nine spots to General Growth Properties for an undisclosed amount. The transaction is expected to be completed by the third quarter of 2006.
The group includes five Macy’s, two Filene’s, a Robinson’s-May, and a Strawbridge’s. All mall locations, they range in size from 41,000 square feet to 214,000 square feet and were originally opened between 1968 and 2000. They are in six states from Maine to California.
Proceeds from this transaction will be included in the $400 million to $500 million of after-tax proceeds expected from the sale by Federated of duplicate stores nationwide, as previously announced.
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