Dillard will buy 12 stores from R. H. Macy & Co.
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The stores are located in the Kansas City, Mo., metropolitan area and in Wichita and Topeka, Kan. Terms of the acquisition were not disclosed. The sale apparently was designed to help Macy’s management finance its proposed $3.5-billion leveraged buy-out of the New York-based retailer. Dillard Department Stores and Macy’s said they expected to complete the transfer of the stores in about six weeks. The sale will leave Macy’s with 83 stores.
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