Employees at all Lord & Taylor stores to be closed will be eligible for severance and outplacement assistance.
In addition, employees of both downtown Philadelphia stores will be given first consideration for positions to be created at the new downtown Macy's store and surrounding Macy's locations.
The remaining 49 Lord & Taylor stores in New Jersey, New York, Illinois, Massachusetts, Connecticut, Maryland, Virginia, Michigan, Pennsylvania, Florida and the District of Columbia will remain open and operating.
As previously announced, Federated continues to pursue divestiture of its Lord & Taylor division, and a transaction is expected before the end of 2006.
Federated acquired Lord & Taylor in August 2005 as part of its merger with The May Department Stores Company.
Federated, with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2006 sales expected to be more than $27 billion.
Federated operates more than 850 department stores and more than 720 bridal and formalwear stores in 49 states.
Federated Department Stores Inc
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