Thursday, May 04, 2006

More Federated Sales

Retailer sells more 11 department store locations

Federated Department Stores Inc. (Cincinnati) has signed an agreement to sell 11 department store locations to The Macerich Co. (Santa Monica, Calif.), a real estate investment trust.

The stores, all located within malls owned by Macerich, are: Filene's at Danbury (Conn.) Fair Mall; Macy's at Fiesta Mall (Mesa, Ariz.); Macy's at Paradise Valley (Phoenix); Macy's at Lakewood Center (Los Angeles); Macy's at Inland Center (San Bernardino, Calif.); Robinsons-May and a Macy's apparel-only store in The Oaks (Thousand Oaks, Calif.); Robinsons-May at Scottsdale (Ariz.) Fashion Square; Robinsons-May at Los Cerritos (Calif.) Center; Robinsons-May at Pacific View Mall (San Buenaventura, Calif.); and Robinsons-May at Santa Monica (Calif.) Place.

Terms of the sales were not disclosed, but Federated said it expects $400-$500 million in after-tax proceeds.

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