Federated completes Macy's acquisition.CINCINNATI--(BUSINESS WIRE)--December 19, 1994 -- 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. today announced the completion of its acquisition of R.H. Macy & Co., Inc. "The merger of Federated and Macy's is a natural and positive fit that will provide enhanced value and long-term growth potential to our shareholders," said Allen Questrom, Federated's chairman and chief executive officer. "Our customers also will benefit significantly from the enhanced opportunities that can be derived from a larger, more efficient and synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. retail operation." James M. Zimmerman, Federated's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , noted that "We spent many long and difficult months getting to this point -- first, in hammering out a merger plan with Macy's and its creditor groups, and most recently in developing an elaborate transition plan. We are pleased that we can now begin to put those plans into action as we move toward our vision of defining department stores for the 21st century." Pursuant to the merger and Macy's related plan of reorganization, 55.6 million shares of Federated common stock, together with warrants to purchase 18.0 million additional shares, will be distributed to Macy's creditors; all equity interests in Macy's were cancelled without the payment of any consideration. The combined company also will make distributions of cash and debt securities to creditors of Macy's pursuant to the reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. , and it concurrently entered into a new $2.8 billion bank credit facility. The amounts of the distribution of stock and debt to Macy's principal creditor groups were finally determined over the weekend. 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 leading department store retailers, with annual sales of more than $13.5 billion. Federated currently operates 347 department stores in 35 states under the names of Abraham & Straus, Bloomingdale's, The Bon Marche, Bullock's, Burdines, Goldsmith's, Jordan Marsh Jordan Marsh was the name of a Boston, Massachusetts-based department store. Founded in 1841 and eventually part of Allied Stores and then Federated Department Stores; in 1996, the last of the Jordan Marsh stores were renamed Macy's. , Lazarus, Macy's, Rich's and Stern's. The company also operates more than 100 specialty and clearance stores nationally. CONTACT: Federated Department Stores Inc., Cincinnati
Media - Carol Sanger, 513/579-7764
Investor - Susan Robinson, 513/579-7780
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