DEPTFORD, N.J. -- Boscov's will acquire 10 department stores slated for closure, including the Strawbridge's anchor at Deptford Mall, the family-owned Reading,Pa.-based business said today.
The seller is Federated Department Stores, which is rebranding most Strawbridge's as Macy's and selling or closing Strawbridge's in malls that already have a Macy's anchor.
Terms of the sale were not disclosed by either company. But Cincinnati-based Federated said proceeds will be included in the $400 million to $500 million of after-tax proceeds expected from the sale of duplicate stores nationwide. Federated also is selling Filene', Kaufmann's and other regional stores.
Cherry Hill [Mall] was not among the stores changing hands.
In addition to Deptford, the stores Boscov's is buying are:
-- Kaufmann's Monroeville Mall, Monroeville, Pa.
-- Kaufmann's South Hills Village, Pittsburgh.
-- Macy's Marley Station, Glen Burnie, Md.
-- Macy's Owings Mills, Owings Mills, Md.
-- Macy's White Marsh, Perry Hall, Md.
-- Strawbridge's Lehigh Valley Mall, Whitehall, Pa.
-- Strawbridge's Montgomery Mall, North Wales, Pa.
-- Strawbridge's Oxford Valley Mall, Langhorne, Pa.
-- Strawbridge's Willow Grove Park, Willow Grove, Pa.