US-based retailer Macy's has sold its five stores to General Growth Properties, a real estate investment firm.
This deal is a part of Macy's existing strategy to obtain profitable growth by reallocating investments to its highest growth-potential stores and digital businesses.
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The company also plans to capitalise on opportunities within the company’s real estate portfolio.
The stores that are sold include Carolina Place in Pineville, Oakwood Mall in Eau Claire, Quail Springs Mall in Oklahoma City, Tysons Galleria in McLean and Greenwood Mall in Bowling Green.
Four of these were sold in the third quarter, and the Greenwood Mall store was sold earlier this year.
The value of the four stores was $46m.
Macy’s expects to achieve a gain of $32m from the sales in the third quarter of the current fiscal year.
The retailer will continue to operate the Tysons Galleria store on a lease from General Growth Properties, as well as another store in McLean, Virginia.
The Quail Springs Mall store closed earlier this year, and the other three stores, namely Carolina Place, Greenwood Mall and Oakwood Mall, will continue operations through the holiday season and will be closed next year.
