SLIMMING DOWN: Federated Department Stores agreed to sell 11 stores to the Macerich Co. and nine to Simon Property Group, bringing the retailer closer to its goal of disposing of 80 duplicate locations previously announced for divestiture as a result of its acquisition of May Department Stores. With the sale of these 20 sites, announced this week, Federated has about 35 remaining to sell. Federated previously agreed to sell 15 stores to Westfield and 10 to Boscov’s. Federated also wants to sell its 54-unit Lord & Taylor division. The Macerich stores include five Macy’s in Arizona and California, five Robinsons-May stores in Arizona and California and a Filene’s in Connecticut. The Simon stores include a Famous-Barr, a Marshall Field’s and two L.S. Ayres units in Indiana; a Filene’s in Massachusetts, and four Macy’s units in Massachusetts, New Hampshire and Pennsylvania. The 20 units are all in Macerich and Simon malls.
TIME CHANGES: Watch retailer Tourneau has promoted Andrew J. Block, who has been with the firm for 16 years, from senior vice president of marketing to executive vice president of marketing and advertising. Edward G. Trask, who joined Tourneau in 1999 as senior vice president of sales, has become executive vice president of sales. Vice president of merchandising Richard G. Caniglia, who joined Tourneau in 1996, has become senior vice president of merchandising. All three will report to Howard Levitt, president of Tourneau. The positions are new for the company, and became effective Monday. The promotions come in the middle of Tourneau’s plans to expand in the U.S. They also follow the signing of two new deals. The first deal is with Peace Mark (Holdings) Ltd. and International Watch Group to form a joint venture called Peace Mark Tourneau (Holdings) Ltd. that will expand Tourneau’s retail distribution in mainland China, Hong Kong, Macau and Taiwan. The second deal is with the Swatch Group to open outlet stores in the U.S.
MD BEAUTY SAID EYEING IPO: MD Beauty, which owns recognized brands such as Bare Escentuals, is said to be preparing to take the company public, according to industry and financial sources. The company is owned by private equity firms Berkshire Partners and JH Partners. The two private equity firms did a $408 million recapitalization of the mineral-based cosmetics firm in October 2005. MD Beauty is believed to be eyeing a $1 billion IPO.