Federated Completes Sale of David's Bridal, Priscilla of Boston.CINCINNATI -- Federated Connected and treated as one. See federated database and federated directories. Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , Inc. (NYSE NYSE See: New York Stock Exchange :FD)(NYSE Arca:FD) today announced it has completed the previously announced sale of its David's Bridal and Priscilla of Boston businesses to an affiliate of Los Angeles-based Leonard Green & Partners, L.P. for approximately $750 million in cash. The sale includes 273 David's Bridal stores and 10 Priscilla of Boston locations. Following the sale, Macy's will continue to be David's Bridal's exclusive department store wedding gift registry partner. Federated said it expects the sale of its 507-store After Hours Formalwear After Hours Formalwear is a clothier business that specializes in the renting and selling of formal wear for men, especially tuxedos and business suits. It is specifically popular for weddings and school dances like prom, homecoming, and winter formal. business, which includes Mr. Tux stores in New England, to Houston-based Men's Wearhouse for approximately $100 million to be completed in the first half of 2007, pending regulatory approvals. At that point, the divestiture of Federated's Bridal Group division will be completed. The company continues to expect the sale price of the total Bridal Group to be approximately $850 million in cash (after-tax net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $750 million). Federated, with corporate offices in Cincinnati and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , is one of the nation's premier retailers, with fiscal 2006 sales expected to be about $27 billion. Federated operates more than 850 department stores in 45 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates macys.com, bloomingdales.com and Bloomingdale's By Mail. All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are based upon the current beliefs and expectations of Federated's management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, or the risk the company will not be able to divest the assets that it intends to divest or that the amounts realized in connection with the divestitures are less than anticipated, and other factors identified in documents filed by the company with the Securities and Exchange Commission. (NOTE: Additional information on Federated, including past news releases, is available at www.fds.com/pressroom) |
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