Federated to close MCO clearance stores.CINCINNATI, OHIO--(BUSINESS WIRE)--May 4, 1995--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. announced today that it is discontinuing Macy's Close-Out (MCO MCO Managed care organization, see there ) operations as of the end of this year. At least four of MCO's 14 stores are expected to close by July 29, with the remainder closing as of January 1, 1996. The decision to close MCO operations, which had 1994 sales of $83 million, reflects the fact that the separate clearance format initiated by Macy's is inconsistent with Federated's approach to clearing merchandise within the department store format. MCO's discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. is expected to have no material impact on Federated Connected and treated as one. See federated database and federated directories. . MCO stores are located in Tampa and Orlando, FL; Avondale, GA; Indianapolis, IN; Gurnee, IL; Holyoke, MA; Mount Olive Mount Olive is the name of several places: United States of America Cities and towns
Federated said the MCO closure will result in one-time charges against earnings of approximately $15-25 million, mostly in severance and lease-termination costs, which will be taken principally in the second quarter. 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 $14 billion. Federated currently operates 354 department stores and more than 100 specialty and clearance stores in 35 states under the names of Bloomingdale's, The Bon Marche, Bullock's, Burdines, Goldsmith's, Jordan Marsh, Lazarus, Macy's, Rich's and Stern's, as well as Aeropostale, Charter Club and Macy's Close Out. CONTACT: Federated Department Stores, Inc., Cincinnati Media - Carol Sanger, 513/579- 7764 Investor - Susan Robinson, 513/579- 7780 |
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