Federated Department Stores Inc. and Warwick Mall LLC announced Monday they have signed an agreement for Warwick LLC to acquire the Macy’s store in Warwick Mall.
The Macy’s at Warwick Mall (309,000 square feet, opened in 1970) is a duplicate location Federated previously announced for divestiture as a result of its acquisition of The May Department Stores Co. The current Filene’s store in Warwick Mall will convert to Macy’s in spring 2006, following completion of a clearance sale that began on Jan. 29.
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Warwick Mall LLC is working on redevelopment plans for the soon-to-be-acquired Macy’s building, and once finalized, will make an announcement.
The sale transaction is expected to be completed in the second quarter of 2006. Terms of the sale were not disclosed. Federated said proceeds from this transaction will be included in the $400 million to $500 million of after-tax proceeds expected from the sale of duplicate stores nationwide, as previously announced.
Warwick Mall LLC owns Warwick Mall, a shopping center in Warwick that includes nearly 100 stores, restaurants and services, including Macy’s, J.C. Penney and Old Navy.
Federated has corporate offices in Cincinnati and New York. The retailer’s fiscal 2006 sales are expected to be more than $27 billion.
