Macy's (M) Sells Five Stores to General Growth Properties (GGP)
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Macy’s, Inc. (NYSE: M) today announced it has sold five stores to General Growth Properties (NYSE: GGP) as part of its previously-announced plan to drive profitable growth by reallocating investments to its highest-growth-potential stores and digital businesses, and to capitalize on opportunities within the company’s real estate portfolio.
Four of the stores were sold in the third quarter and one – the Greenwood Mall store – was sold earlier in the year. The stores are:
- Carolina Place in Pineville, NC (151,000 square feet; opened in 1993; 72 associates);
- Oakwood Mall in Eau Claire, WI (104,000 square feet; opened in 1991; 61 associates);
- Quail Springs Mall in Oklahoma City, OK (146,000 square feet; opened in 1986; no associates as store was closed in spring 2016);
- Tysons Galleria in McLean, VA (265,000 square feet; opened in 1988; 125 associates);
- Greenwood Mall in Bowling Green, KY (124,000 square feet; opened in 1980; 61 associates).
Macy’s will continue to operate the Tysons Galleria store on a lease from General Growth Properties. Macy’s also continues to operate another store in McLean, VA, at the nearby Tysons Corner Center. The Quail Springs Mall store closed in spring 2016. The other three stores – Carolina Place, Greenwood Mall and Oakwood Mall – will continue operations through the holiday season and will be closed in spring 2017.
The company is committed to treating associates affected by store closings with respect and openness. Associates displaced by store closings may be offered positions in nearby stores where possible. Eligible full-time and part-time associates who are laid off due to the store closings will be offered severance benefits.
The purchase price of the four stores was $46 million. Macy’s expects to realize a gain of $32 million from the sales in the third quarter of fiscal year 2016.
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