Federated reaches settlement agreement with California Attorney General; company to offer seven department stores for sale.CINCINNATI--(BUSINESS WIRE)--May 23, 1996--Federated 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 it has reached a settlement agreement with California Attorney General The California Attorney General is the State Attorney General of the government of the state of California in the USA. The officer's duty is to ensure that "the laws of the state are uniformly and adequately enforced" (California Constitution, Article V, Section 13. Daniel E. Lungren regarding Federated's acquisition of Los Angeles-based Broadway Stores, Inc. in October 1995. Under the agreement, Federated Connected and treated as one. See federated database and federated directories. will attempt to divest to mall owners or other users, seven department stores in California. In addition, Federated agreed not to block competitive department stores from building new stores in certain existing and new malls. "We are pleased to have settled these issues with the attorney general," said Allen Questrom, Federated chairman and chief executive officer. "We are looking forward to serving customers in the very exciting California marketplace in those locations that we will be converting to Macy's later this month, and to Bloomingdale's later this year." Since the purchase of Broadway Stores, Inc., Federated has begun the process of converting approximately 50 of the 82 Broadway, Emporium and Weinstock's locations to the Macy's nameplate. Another five are becoming Bloomingdale's, signaling that division's first entry into West Coast markets. Seven stores which Federated will attempt to divest to mall owners or other users under terms of the settlement agreement are: Coddingtown Macy's in Santa Rosa Santa Rosa, city, Argentina Santa Rosa, city (1991 pop. 80,629), capital of La Pampa prov., central Argentina. It is a modern city and road junction surrounded by a rich agricultural and cattle-raising area. , Sunvalley Emporium in Concord, Newpark Emporium in Newark, Hilltop Emporium in Richmond, Solano Emporium in Fairfield, the downtown Sacramento Downtown Sacramento is the central district of the city of Sacramento, California. The district is defined as north of R Street, south of H Street, east of the Sacramento River, and west of 16th Street. Downtown Sacramento is currently undergoing a major revitalization project. Weinstock's and the Broadway store in Northridge. These stores will be offered for sale by Federated within the next 30 days. Federated's Macy's West Macy's West is a division of Macy's, Inc. (formerly Federated Department Stores) and headquartered in San Francisco, California. It currently operates approximately 200 stores throughout Arizona, California, Colorado, Guam, Hawaii, Nevada, New Mexico and Texas. division, based in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , operates more than 100 stores in California and five other western states. The division's sales in 1995, excluding Broadway, were $2.5 billion. 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 $15 billion. Federated currently operates more than 400 department stores and 150 specialty stores in 36 states. Federated's department stores now operate under the names of Bloomingdale's, The Bon Marche, Broadway, Burdines, Emporium, Goldsmith's, Lazarus, Macy's, Rich's, Stern's and Weinstock's. (NOTE: Information on Federated and its operating divisions is available on the Internet at http://www.federated-fds.com. Copies of past press releases and corporate background data also are 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