Cincinnati, OH, May 24, 2006--Federated Department Stores will sell nine department store locations in six states to General Growth Properties Inc., as it continues to rid itself of duplicate stores gained in last year's acquisition of the May Department Stores Co.
The nine stores are in malls owned by Chicago-based General Growth Properties.
Federated had announced earlier that it would sell 80 duplicate locations nationwide. The Cincinnati-based retailer has now announced buyers for 55 of the 80 stores.
The stores to be sold to General Growth are: two Filene's stores in Portland, Maine; Macy's stores in Natick, Mass., Montclair, Calif., San Antonio, Dallas and Tucson, Ariz.; Robinsons-May in Bakersfield, Calif.; and Strawbridge's in Newark, Del.
Federated did not disclose terms of the sale, which is expected to be completed in the second or third quarter of 2006.
Proceeds from the sale will be included in the $400 million to $500 million of after-tax proceeds expected from the sale of duplicate stores nationwide.
