Chain Store Age
CINCINNATI - Federated Department Stores Inc. signed a letter of intent to sell its Kaufmann's store location at Polaris Fashion Place in Columbus, Ohio, to mall owner Glimcher Realty Trust. Financial details of the deal were not disclosed. The 200,000-sq.-ft. store, which opened in 2001, is a duplicate location Federated previously announced for divestiture as a result of its Aug. 30, 2005 acquisition of St. Louis-based May Department Stores Co.
With this letter of intent, Federated now has announced buyers for 63 of its 80 duplicate locations. Federated will continue to operate the Macy's store in Polaris Fashion Place. A clearance sale at the Kaufmann's location is expected to begin in early August, with a store closing and proposed sale transaction planned for the third quarter of 2006.