Wednesday, July 12, 2006

Federated Sells Filene’s Historic Boston Store

Downtown location, built in 1890, latest victim of retailer’s divestiture plan

Federated Department Stores Inc. (Cincinnati) has finalized an agreement to sell its downtown Boston Filene's store to Vornado Realty Trust (New York) for approximately $100 million.

The 656,000-square-foot Filene's store opened in downtown Boston in 1890. It’s one of the duplicate locations Federated previously announced for divestiture as a result of its acquisition of The May Department Stores Co. (St. Louis) last year. There is a Macy’s store in Downtown Crossing, a newer shopping and commercial area in the heart of the city.

With this agreement, Federated now has announced buyers for 57 of its 80 duplicate locations.

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