US: Boscov's acqires ten stores from Federated
The family-owned department store group Boscov's is to acquire ten mall department store locations from Federated Department Stores. All 10 are duplicate locations Federated previously announced for divestiture as a result of its acquisition of The May Department Stores Company.
A purchase price was not disclosed. But, Federated said proceeds from this transaction will be included in the US$400m to $500m of after-tax proceeds expected from the sale of duplicate stores nationwide, as previously announced.
The following locations are included in the sale agreement, with a transaction expected to be completed in the second quarter of 2006:
· Kaufmann's Monroeville Mall, Monroeville, PA (262,000 square feet; opened in 1987)
· Kaufmann's South Hills Village, Pittsburgh, PA (258,000 square feet; opened in
· Macy's Marley Station, Glen Burnie, MD (267,000 square feet; opened in 1987)
· Macy's Owings Mills, Owings Mills, MD (267,000 square feet; opened in 1986)
· Macy's White Marsh, Perry Hall, MD (198,000 square feet; opened in 1981)
· Strawbridge's Deptford Mall, Deptford, NJ (173,000 square feet; opened in 1995)
· Strawbridge's Lehigh Valley Mall, Whitehall, PA (173,000 square feet; opened in
· Strawbridge's Montgomery Mall, North Wales, PA (184,000 square feet; opened in 1995)
· Strawbridge's Oxford Valley Mall, Langhorne, PA (178,000 square feet; opened in 1995)
· Strawbridge's Willow Grove Park, Willow Grove, PA (235,000 square feet; opened in 1988)
Clearance sales at these locations began on 29 January 2006. Macy's will continue to serve customers in these malls, including in locations where May Company nameplates will be converted to Macy's.
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