Federated's move follows a decision by officials to convert all of the regional chains in the May portfolio, including Hecht's, Meier & Frank, Robinsons-May and others, into Macy's. "We carefully researched customer preferences and studied alternatives before making this decision to incorporate Marshall Field's into the nationwide Macy's brand," says Terry Lundgren, Federated's chairman, president and CEO, in a statement.
By February, there will be 850 Macy's stores across the country, regionally grouped by divisions called Macy's East, Macy's Florida, Macy's Midwest, Macy's North, Macy's Northwest, Macy's South and Macy's West. The consolidation will affect as many as 4,500 employees, though Federated will try to offer them other positions in the company, executives say.
Three stores acquired from May will be converted into Bloomingdale's units, Filene's Chestnut Hill in Newton, MA, and Robinsons-Mays at Fashion Valley Center, in San Diego and South Coast Plaza in Costa Mesa, CA. After the stores are switched next year, Federated will operate 40 Bloomingdale's.
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