Macy’s, Inc. Has Sold Five Stores to General Growth Properties
OREANDA-NEWS. November 01, 2016. Macy’s, Inc. (NYSE:M) today announced it has sold five stores to
Four of the stores were sold in the third quarter and one – the
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Carolina Place inPineville, NC (151,000 square feet; opened in 1993; 72 associates); -
Oakwood Mall inEau Claire, WI (104,000 square feet; opened in 1991; 61 associates); -
Quail Springs Mall inOklahoma 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 inBowling 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
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
Macy’s, Inc., with corporate offices in
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are
based upon the current beliefs and expectations of Macy’s management and
are subject to significant risks and uncertainties. Actual results could
differ materially from those expressed in or implied by the
forward-looking statements contained in this release because of a
variety of factors, including conditions to, or changes in the timing
of, proposed transactions, prevailing interest rates and non-recurring
charges, store closings, competitive pressures from specialty stores,
general merchandise stores, off-price and discount stores,
manufacturers’ outlets, the Internet, mail-order catalogs and television
shopping and general consumer spending levels, including the impact of
the availability and level of consumer debt, the effect of weather and
other factors identified in documents filed by the company with the
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