Monday, February 06, 2006

Boscov's to acquire Deptford Mall Strawbridge's, 9 other stores

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.

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