Federated Signs Letter of Intent to Sell Polaris Kaufmann's Store to Glimcher.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 For other uses of "ARCA", see ARCA. NYSE Arca, previously known as ArcaEx, an abbreviation of Archipelago Exchange, is an entirely online securities exchange on which both stocks and options are traded. :FD) today announced it has signed a letter of intent to sell its Kaufmann's store location in Polaris Fashion Place in Columbus, OH, (200,000 square feet, opened in 2001) to Glimcher Realty Trust, the mall's developer. This is a duplicate location Federated previously announced for divestiture as a result of its acquisition of The May Department Stores The May Department Stores Company was a department store chain founded in 1877 by David May in Leadville, Colorado. Its headquarters moved to St. Louis, Missouri in 1905, and the company went public in 1911. Company. With this letter of intent, Federated now has announced buyers for 63 of its 80 duplicate locations. Federated will continue to operate the Macy's store at Polaris. A clearance sale at the Kaufmann's location is expected to begin in early August, with a store closing and proposed sale transaction planned for the third quarter of 2006. Federated will be creating a Macy's Polaris team from executives and associates of both the Macy's and Kaufmann's stores in the mall and expects to offer positions to as many employees in good standing as possible. Some employees may be offered positions at other stores in the Columbus area. Any employee not offered an ongoing position will receive severance and outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. assistance. Federated said proceeds from this transaction will be included in the $400 million to $500 million after-tax total expected from the sale of duplicate stores nationwide, as previously announced. A complete list of Federated divestiture stores is posted in the "Federated-May Integration" section of the company's corporate Website - www.fds.com. 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 more than $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, Bloomingdale's, Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, Strawbridge's and The Jones Store. The company also operates macys.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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