FDS & May Co mergers to bring distinctive fashion & affordable luxury
30 Aug '05
5 min read
The company reiterated its pledge to May Company associates that there will be no workforce reductions or job eliminations as a result of the merger prior to March 1, 2006.
Consistent with previous announcements, a cash dividend of 25 cents per share will be paid on Oct. 3, 2005, to Federated shareholders of record as of the close of business on Aug. 29, 2005. A cash dividend of 24.5 cents will be paid on Sept. 15, 2005, to May Company shareholders of record as of the close of business on Aug. 29, 2005.
The company said it has identified an additional seven duplicate stores in California, New York and Massachusetts it intends to divest in 2006. As described in Federated's news release of July 28, 2005, the company has continued to review its portfolio of stores. These additional locations were identified for divestiture in conjunction with discussions with state regulatory agencies reviewing the merger and are subject to certain conditions. They are:
- Filene's in Cape Cod Mall in Hyannis, Massachusetts (81,000 square feet; 207 employees; opened in 1970).
- Lord & Taylor in Walt Whitman Mall in Huntington Station, New York (120,000 square feet; 218 employees; opened in 1998).
- Lord & Taylor in South Shore Mall in Bay Shore, New York (125,000 square feet; 186 employees; opened in 1998).
- Macy's West in Fashion Island in Newport Beach, California (83,000 square feet, 169 employees, opened in 1995).
- Macy's West in Simi Valley Town Center in Simi Valley, California (107,000 square feet; scheduled to open in October 2005). Macy's intends to open and support this store until divestiture, as well as to fulfill its lease obligation.
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