Simon Property Group Buys Nine Federated Department Stores
Simon Property Group said last week that it has acquired nine Federated Department Stores.
The nine stores are all located in Simon malls in Evansville, IN, Burlington, MA, Indianapolis, IN, Greenwood, IN, Peabody, MA, Braintree, MA, Nashua, NH, Pittsburgh, PA, and Mishawaka, IN.
The stores are among 80 duplicate locations across the country that Federated had said that it planned to divest as a result of its $17 billion acquisition of The May Department Stores Co. last year.
Terms of the sale were not disclosed.
Also last week, Federated reported sales of $1.8 billion for the four weeks ended April 29, an increase of 60.2% compared to $1.17 billion one year ago. On a same-store basis, sales were down 0.8%. For the 13-week first quarter and year-to-date, sales totaled $5.9 billion, up 63% from the same time last year.
