Macy's continues to unload real estate
Macy's has sold five store locations – including one in Kentucky – to mall operator General Growth Properties, the retailer said Monday.
The Cincinnati-based department store operator will continue to operate some locations through the 2016 holiday season, but the sales are part of the company's push to reduce its store footprint.
Macy's sold stores in these five locations:
- Carolina Place in Pineville, North Carolina
- Oakwood Mall in Eau Claire, Wisconsin
- Quail Springs Mall in Oklahoma City
- Tysons Galleria in McLean, Virginia
- Greenwood Mall in Bowling Green, Kentucky.
Each of the stores had between 60 and 120 workers.
The company said workers displaced by store closings could be offered positions in nearby stores. Eligible full-time and part-time associates who are laid off due to the store closings will be offered severance benefits.
The Bowling Green store was sold earlier this year. The remaining four were sold in the last three months for $46 million.
Macy's will continue to operate the Tysons Galleria store on a lease with Chicago-based General Growth Properties. The Oklahoma City store was closed earlier this year before it was sold. The remaining three properties will operate as Macy's through the holidays on a leased basis before closing early next year.
Macy's expects to realize a gain of $32 million from the sales.
Macy's will report how much money it earned during its fiscal third quarter on Nov. 10. One year ago, the company reported a third-quarter profit of $118 million, or 36 cents per share.