Federated to sell nine duplicate store locations

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CINCINNATI (AP) – Federated Department Stores Inc. will sell nine department store locations in six states – including two stores in Maine – to General Growth Properties Inc. as it continues to rid itself of duplicate stores gained in last year’s acquisition of the May Department Stores Co.

The nine stores are in malls owned by the Chicago-based General Growth Properties.

Federated had announced earlier that it would sell 80 duplicate locations nationwide. The Cincinnati-based retailer has now announced buyers for 55 of the 80 stores.

The stores to be sold to General Growth are: two Filene’s stores in the Maine Mall in South Portland; Macy’s in the Natick Mall in Natick, Mass.; Macy’s in Montclair Plaza in Montclair, Calif.; Macy’s in the North Star Mall in San Antonio; Macy’s in Stonebriar Centre in Dallas; Macy’s in the Tucson Mall in Tucson, Ariz.; Robinsons-May in the Valley Plaza Shopping Center in Bakersfield, Calif., and Strawbridge’s in Christiana Mall in Newark, Del.

Federated did not disclose terms of the sale, which is expected to be completed in the second or third quarter of 2006.

Proceeds from the sale will be included in the $400 million to $500 million of after-tax proceeds expected from the sale of duplicate stores nationwide.

Federated, with corporate offices in Cincinnati and New York, operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s, Bloomingdale’s, Famous-Barr, Filene’s, Foley’s, Hecht’s, Kaufmann’s, L.S. Ayres, Marshall Field’s, Meier & Frank, Robinsons-May, Strawbridge’s and The Jones Store. The company also operates macys.com and Bloomingdale’s By Mail.



On the Net:

Federated Department Stores Inc.: www.fds.com

General Growth Properties Inc.: www.generalgrowth.com

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