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FDS to sell 11 department stores to Macerich
04 May '06
2 min read
Federated Department Stores Inc (FDS) announced it has signed an agreement to sell 11 department store locations to The Macerich Company.
The stores are among 80 duplicate locations nationwide Federated previously announced for divestiture as a result of its acquisition of The May Department Stores Company.
Duplicate store clearance sales have been completed by Federated or are in progress in all 11 malls.
Macy's is continuing to serve customers in all these Macerich properties, including those locations where May Company nameplates are being converted to Macy's.
Terms of the sales 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, 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 company also operates macys.com and Bloomingdale's By Mail.
The stores are among 80 duplicate locations nationwide Federated previously announced for divestiture as a result of its acquisition of The May Department Stores Company.
Duplicate store clearance sales have been completed by Federated or are in progress in all 11 malls.
Macy's is continuing to serve customers in all these Macerich properties, including those locations where May Company nameplates are being converted to Macy's.
Terms of the sales 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, 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 company also operates macys.com and Bloomingdale's By Mail.
Federated Department Stores Inc
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