Premier retailer Federated to close five underperforming stores

11 Mar '06

2 min read

Premier retailers Federated Department Stores, Inc announced it will close five underperforming Lord & Taylor stores and convert one other to Macy's.

The following stores will close in late July or early August 2006 following the completion of clearance sales that are scheduled to begin April 30:

-- St Louis Galleria, St. Louis, MO (115,000 square feet; opened in 1991; 114 employees);

-- West County, St. Louis, MO (140,000 square feet; opened in 2002; 117 employees);

-- Christiana Mall, Newark, DE (129,000 square feet; opened 1997; 131 employees);

-- Fairlane Town Center, Dearborn, MI (122,000 square feet; opened 1978; 131 employees);

-- Northshore Mall, Peabody, MA (114,000 square feet; opened in 1993; 122 employees).

In addition, Federated will convert the current Lord & Taylor store in downtown Philadelphia (354,000 square feet; opened in 1997; 198 employees) to a Macy's.

This Lord & Taylor is expected to close on or about June 1, 2006, after completion of a clearance sale that begins April 2.

It will open as Macy's on or about Aug 1, 2006, following some minor remodeling.

The Strawbridge's store in downtown Philadelphia (621,000 square feet; opened in 1868; 310 employees) will close on or about June 1, 2006, after completion of a clearance sale that will begin April 2.

Federated will seek buyers or replacement tenants for space currently occupied by Strawbridge's.

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