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Simon set to acquire nine Federated stores
02 May '06
2 min read
Departmental store operator Federated Department Stores Inc has signed an agreement to sell nine department store locations to Simon Property Group Inc.
The nine stores, all located in Simon malls, are among 80 duplicate locations nationwide Federated previously announced for divestiture as a result of its acquisition of The May Department Stores Company.
The following locations are included in the sale agreement, with a transaction expected to be completed in July 2006:
-- Famous-Barr Eastland Mall, Evansville, IN;
-- Filene's Burlington Mall, Burlington, MA;
-- L.S. Ayres Castleton Square, Indianapolis, IN;
-- L.S. Ayres Greenwood Mall, Greenwood, IN;
-- Macy's Northshore Mall, Peabody, MA;
-- Macy's Southshore Mall, Braintree, MA;
-- Macy's Pheasant Lane, Nashua, NH;
-- Macy's Ross Park Mall, Pittsburgh, PA;
-- Marshall Field's University Park Mall, Mishawaka, IN
Duplicate store clearance sales have been completed by Federated in all nine malls. Macy's is continuing to serve customers in all of these Simon properties, including in locations where May Company nameplates will be converted to Macy's.
Terms of the sale were not disclosed. Federated said proceeds from this transaction will be included in the $400 million to $500 million of after-tax proceeds expected from the sale of duplicate stores nationwide, as previously announced.
Federated Department Stores Inc, with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2006 sales expected to be more than $27 billion.
Federated operates more than 850 department stores and more than 720 bridal and formalwear stores in 49 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, Lord & Taylor, L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, Strawbridge's, The Jones Store, David's Bridal, After Hours Formalwear and Priscilla of Boston.
The nine stores, all located in Simon malls, are among 80 duplicate locations nationwide Federated previously announced for divestiture as a result of its acquisition of The May Department Stores Company.
The following locations are included in the sale agreement, with a transaction expected to be completed in July 2006:
-- Famous-Barr Eastland Mall, Evansville, IN;
-- Filene's Burlington Mall, Burlington, MA;
-- L.S. Ayres Castleton Square, Indianapolis, IN;
-- L.S. Ayres Greenwood Mall, Greenwood, IN;
-- Macy's Northshore Mall, Peabody, MA;
-- Macy's Southshore Mall, Braintree, MA;
-- Macy's Pheasant Lane, Nashua, NH;
-- Macy's Ross Park Mall, Pittsburgh, PA;
-- Marshall Field's University Park Mall, Mishawaka, IN
Duplicate store clearance sales have been completed by Federated in all nine malls. Macy's is continuing to serve customers in all of these Simon properties, including in locations where May Company nameplates will be converted to Macy's.
Terms of the sale were not disclosed. Federated said proceeds from this transaction will be included in the $400 million to $500 million of after-tax proceeds expected from the sale of duplicate stores nationwide, as previously announced.
Federated Department Stores Inc, with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2006 sales expected to be more than $27 billion.
Federated operates more than 850 department stores and more than 720 bridal and formalwear stores in 49 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, Lord & Taylor, L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, Strawbridge's, The Jones Store, David's Bridal, After Hours Formalwear and Priscilla of Boston.
Federated Department Stores Inc
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