Thursday, July 20, 2006

Federated to Sell Target 4 Stores in California, New Mexico and Pennsylvania

CINCINNATI (BUSINESS WIRE) -- Federated Department Stores, Inc. today announced it has sold four mall department store locations to Target Corporation. All are duplicate locations Federated previously announced for divestiture as a result of its acquisition of The May Department Stores Company. With this agreement, Federated now has announced buyers for 62 of its 80 duplicate locations.

The following locations are included in the sale to Target:

-- Macy's Coronado Center, Albuquerque, NM (153,000 square feet, opened in 1976)

-- Macy's Westminster Mall, Westminster, CA (175,000 square feet; opened in 2002)

-- Robinsons-May Glendale Galleria, Glendale, CA (179,000 square feet; opened in 1993)

-- Strawbridge's Springfield Mall, Springfield, PA (186,000 square feet; opened in 1997)

Details of the agreement were not disclosed. Federated said proceeds from this transaction are included in the $400 million to $500 million after-tax total expected from the sale of duplicate stores nationwide, as previously announced.

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