MAY AND PRUDENTIAL DISSOLVE PARTNERSHIP
MAY AND PRUDENTIAL DISSOLVE PARTNERSHIP ST. LOUIS, Feb. 28 /PRNewswire/ -- The May Department Stores Company
(NYSE: MA) and an affiliate of The Prudential Insurance Company of America announced there will be a dissolution of the May Centers Associates partnership which they formed in 1988.
The partnership, May Centers Associates, currently owns two real estate investment firms -- May Center Associates Corporation and May Centers, Inc. On dissolution, May and an affiliate of Prudential will each receive 50 percent ownership of the two real estate investment firms. The partnership will be dissolved in May 1992 after expiration of the waiting period required by the Hart-Scott-Rodino Anti-Trust Improvement Act of 1976. May Centers Associates Corporation owns 66 department stores in the United States and leases them to May. May Centers, Inc., owns and operates 25 shopping centers. The dissolution of the partnership will not affect either firm's day-to-day operations. May indicated it will recognize a second quarter 1992 pretax gain of approximately $200 million in connection with the distribution of the assets upon the dissolution of the partnership. -0- 2/28/92 /CONTACT: Jim Abrams of the May Company, 314-342-6343, or Rick Matthews of Prudential, 201-802-4874/ (MA) CO: May Department Stores Company; Prudential Insurance Company of America ST: Missouri, New Jersey IN: FIN SU: TQ -- NY013 -- 3603 02/28/92 09:26 EST
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|Date:||Feb 28, 1992|
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