FDS & May Co mergers to bring distinctive fashion & affordable luxury
30 Aug '05
5 min read
- Macy's West in Westminster Mall in Westminster, California (175,000 square feet; 216 employees; opened in 2002).
- Macy's West's men's/home store in The Promenade in Woodland Hills, California (81,000 square feet; 150 employees; opened in 1993). Following this divestiture, men's and home merchandise will be integrated into the remaining Macy's in that mall.
These seven locations join a list of 68 stores nationwide that Federated announced on July 28 it intends to divest as part of a plan to convert May Company nameplates nationwide to Macy's. The 75 stores currently identified for divestiture accounted for approximately $2.1 billion in 2004 sales. Federated reiterated its intention to comply with all existing lease and operating agreements.
In addition, Federated confirms that it intends to divest either the Filene's or Macy's East store in downtown Boston. The specific store to be divested has not yet been determined.
Once duplicate stores are divested, their workforces will be integrated into nearby Macy's and/or Bloomingdale's stores. The company expects to employ all management personnel in good standing from all stores and to offer positions to the vast majority of associates.
Federated continues to expect to close in the fiscal third quarter on the previously announced sale of its owned proprietary and Visa credit receivables to Citigroup.
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