Home breadcru News breadcru Company breadcru Warwick LLC to purchase Macy's store

Warwick LLC to purchase Macy's store

28 Mar '06
2 min read

Nation's leading retailer, Federated Department Stores Inc and Warwick Mall LLC announced 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 Company. 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 January 29.

Warwick Mall LLC is working on redevelopment plans for the to-be-acquired Macy's building, and once finalized, will make an appropriate 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.

A complete list of Federated divestiture stores is posted in the "Federated-May Integration" section of the company's corporate Website - www.fds.com.

Warwick Mall LLC owns Warwick Mall, a super regional shopping center located on the outskirts of Warwick, RI. It includes nearly 100 stores, restaurants and services, including Macy's, J.C. Penney and Old Navy.

Federated, with corporate offices

Get Free Weekly Market Insights Newsletter

Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!