Federated Sells 20 Stores
Jun 1, 2006 12:00 PM
Federated Department Stores sold 20 locations in early May, putting it more than halfway to its goal of shedding 80 units that were made redundant by its merger with May Department Stores. Simon Property Group and Macerich Co. will take over nine and 11 stores, respectively. “They're actually working through it faster than I would have thought,” says Jeff Green, president of Jeff Green Partners, a retail consultancy. “It's a daunting process to figure out which of the two duplicates should stay open, not from a branding standpoint, but from a physical standpoint.” Financial terms of the deals were not disclosed. The sale of all 80 properties will bring between $400 million and $500 million, according to a company spokesperson.
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