Federated plans consolidation of operations in White Plains/Yonkers market.CINCINNATI--(BUSINESS WIRE)--March 29, 1996--In a move aimed at concentrating its retail presence in and around New York's Westchester County, 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 plans to convert its Stern's store in the Galleria Mall to Macy's, effective in mid-July. The conversion will be combined with the closing of Macy's existing White Plains store, as well as a planned major remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. of the Stern's Cross County Mall store, located nearby in Yonkers, NY. Federated said that consistent with its policies in such situations, the 285 managers and employees at the existing Macy's store will be transferred to the former Stern's location, along with the Macy's nameplate. As a result, approximately 200 positions at the existing Stern's in White Plains are expected to be eliminated as of July 13, prior to the Macy's conversion and reopening Reopening Treasury offerings of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP number, and interest rate as the original issue. tentatively set for July 15. Stern's store employees, who were informed of the consolidation plans at meetings earlier today, will be offered severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and benefits, as well as the opportunity to apply for open positions in other Stern's locations. The existing Macy's location opened in 1949. The store, owned by Federated, is in need of extensive remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling , which is why the decision was made to move Macy's into the newer Stern's location, which opened in 1980. The company then expects to offer for sale the vacated Macy's property. Meanwhile, Federated said it plans a multi-million-dollar remodel of the Yonkers Stern's store, where Stern's occupies an important position in a market that partially overlaps with White Plains. Improvements to the Cross County store are expected to position Stern's to compete more effectively in both communities, the company said. In addition to Stern's and Macy's, Federated also operates a Bloomingdale's in White Plains. 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 , Federated is one of the nation's leading department store retailers, with annual sales of more than $15 billion. Federated currently operates more than 400 department stores and 150 specialty stores Noun 1. specialty store - a store that sells only one kind of merchandise shop, store - a mercantile establishment for the retail sale of goods or services; "he bought it at a shop on Cape Cod" in 36 states. Federated's department stores now operate under the names of Bloomingdale's, The Bon Marche, Broadway, Bullock's, Burdines, Emporium, Goldsmith's, Lazarus, Macy's, Rich's, Stern's and Weinstock's. (NOTE: Information on Federated and its operating divisions, including copies of past press releases and corporate background data, also is available by calling Fax-On-Demand at 1-800-853-9150.) CONTACT: Federated Department Stores Inc., Cincinnati Media - Carol Sanger, 513/579-7764 Investor - Susan Robinson, 513/579-7780 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion