Macy’s Sells 5 Stores

Four of them are closing or have been closed

Macy’s has sold five stores to General Growth Properties, the mall operator.

The sale was part of Macy’s “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,” the company said.

Earlier this year, the department store announced plans to shut 100 stores.

The affected stores are located at Carolina Place in Pineville, N.C.; Oakwood Mall in Eau Claire, Wisc.; Quail Springs Mall in Oklahoma City; Tysons Galleria in McLean, Va.; and Greenwood Mall in Bowling Green, Ky.

Macy’s will continue to operate the Tysons Galleria store on a lease from General Growth Properties. 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 and close next year.

Four of the stores were sold in the third quarter and one—the Greenwood Mall store—was sold earlier in the year.

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.

(Photo courtesy of Macy’s)

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