Federated to Sell Downtown Boston Filene's Store to Vornado.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 finalized an agreement for the sale of its downtown Boston Filene's store to Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. for approximately $100 million (approximately $70 million after tax). The Filene's in downtown Boston (656,000 square feet, opened in 1890) 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 agreement, Federated now has announced buyers for 57 of its 80 duplicate locations. Macy's continues to serve Boston customers with its current store in Downtown Crossing. Federated also will continue to operate a clearance center on the first floor of the downtown Filene's at least through summer 2006. Federated is supporting Vornado's work with city officials on redevelopment plans for the to-be-acquired Filene's buildings, including the granting of landmark status by the Boston Landmarks Commission earlier this year. The sale transaction is expected to be completed in the fourth quarter of 2006. Federated said proceeds from this transaction are 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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