1/23/2024 0 Comments Lazarus macy department storesThat amount will come in a mixture of Federated stock and cash. Sources said the two sides agreed that Federated would pay from $35 to $36 for each May share. Sources, who spoke only on the condition of anonymity because the deal has not yet been announced, said the boards of the two companies approved the deal over the weekend after days of often contentious negotiations over how much Federated would pay for May. The combined company may have to close stores in certain markets such as the mid-Atlantic and California, but regulators are not expected to block the deal, according to analysts. The deal must still be approved by shareholders and regulators. The combination of May, with 501 stores, and Federated, with 459, joins the nation's two biggest department store chains into a retailing colossus. If it is, it would represent "the passing of a retail era in the region," said John Tydings, former president of the Greater Washington Board of Trade. Federated has long sought to create a national department store chain under the Macy's nameplate, and analysts predict the Hecht's banner eventually could be dropped. The deal, which is to be announced Monday, raises questions about the future of the 148-year-old Hecht's name, the only surviving home-grown department store in a Washington region once crowded with brands such as Woodward & Lothrop, Garfinckel's, and Lansburgh's. 27 - Federated Department Stores Inc., owner of Macy's and Bloomingdale's, has agreed to acquire May Department Stores Co., operator of Hecht's and Lord & Taylor, for about $10.4 billion, executives close to the talks said Sunday.
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