Macy’s to sell, close landmark store

Macy’s to sell, close landmark store

PITTSBURGH

Macy’s is closing its downtown location after selling the landmark building where the now-defunct Kaufmann’s chain ran its flagship store for more than a century, it said Monday.

Core Realty, a Philadelphia-based developer, bought the 13-story Pittsburgh building and is planning a hotel and residential project, Macy’s said. The company is known in Philadelphia for transforming older spaces into office, hotel, restaurant, retail and entertainment space.

A clearance sale will run into early September.

The Fifth Avenue building opened as Kaufmann’s in 1887. Cincinnati, Ohio-based Macy’s acquired Kaufmann’s parent company in 2005.

Comcast is offering online video service

NEW YORK

Comcast, the country’s largest cable company, is offering its own online video alternative as people spend fewer hours watching live TV and more time using tablets and phones for entertainment.

The new service, called Stream, will be available to Comcast’s Internet customers and cost $15 a month. For now, it will include only broadcast networks such as FOX and NBC in addition to HBO, but no cable channels such as AMC or TNT.

In other Comcast news, the company announced that it has launched up to 1,800 outdoor Wi-Fi hotspots throughout Pennsylvania, making the company the largest Wi-Fi provider in the state.

Microsoft plans to launch Windows 10 at the end of July

NEW YORK

Microsoft will launch Windows 10 on July 29.

The upgraded operating system will allow users to switch seamlessly between personal computers, tablets, smartphones and other gadgets. Windows 10 is intended to give apps a similar feel on all devices and comes with a new Web browser integrated with Cortana, the company’s voice-activated answer to Apple’s Siri.

Microsoft Corp. said Monday that Windows 10 will be available as a free upgrade for a limited time for anyone whose devices use Windows 8/8.1 or 7, which are previous versions of the software.

Marathon Petroleum partnership to buy MarkWest for $14B+

NEW YORK

A partnership run by Marathon Petroleum will spend $14.69 billion to buy MarkWest Energy Partners, a company that splits natural gas into other fuels.

The combined company will have a market capitalization of $21 billion and tie up Marathon’s huge pipeline network with the refiner.

The companies value the deal at $20 billion and expect it to be completed during the fourth quarter.

MarkWest is among the biggest natural-gas processors in the U.S. and has major operations in and around Texas. But it’s also active in major shale plays line Marcellus in the Northeast and Utica on its western border.

Associated Press