Cincinnati, OH, February 7, 2006--Federated Department Stores Inc. said Monday it would sell 10 mall department store locations for an undisclosed sum to Boscov's Inc., the nation's biggest family owned department store chain and operator of 40 Boscov's department stores in the Northeast. Terms of the sale were not disclosed.
The stores slated to be sold include two Kaufmann's in Pennsylvania, three Macy's stores in Maryland, and five Strawbridge's located in New Jersey and Pennsylvania.
Federated, the operator of Macy's and Bloomingdale's, is absorbing formal rival May Department Stores Co., which it acquired last year.
Proceeds from the Boscov's sale will be included in a previously announced estimate of $400 million to $500 million of proceeds Federated expects from selling duplicate stores nationwide.
