General Growth Properties Grabs 5 Macy's Stores for $46M
Macy’s announced the sale of five of its stores to General Growth Properties earlier this week. The retailer said in August it would close around 100 of its 750 stores, and the sell-offs have begun.
Of the five stores sold, four will close their doors for the last time by next spring, Fortune reports. Macy’s says it sold the locations for $46M and that only the location in Tysons Galleria in McLean, VA, will remain in operation.
The bad days aren’t over for the department chain. The retailer reported a 2% drop in comparable sales this August, its sixth straight quarter of declines, and Cowen & Co expects Amazon to overtake Macy’s as America’s largest clothes seller in 2017. [Fortune]