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Federated Selling Lord & Taylor

CINCINNATI-The department store giant wants to complete the sale of the 54-store chain prior to the end of the year.

By Brian K. Miller | Updated on January 12, 2006

CINCINNATI-Locally headquartered Federated Department Stores will try to sell off its Lord & Taylor division before the end of the year as it continues to digest the assets of May Department Stores into the company.

Federated’s top executive Terry Lundgren says the company’s upscale 55-store Lord & Taylor chain doesn’t mesh with plans to build the Macy’s and Bloomingdale’s brand, yet remains a desirable specialty retailer with “a great name, many outstanding locations, an experienced management team and a strong customer following.”

Lord & Taylor, based in New York, operates stores in New Jersey, New York, Illinois, Massachusetts, Connecticut, Maryland, Virginia, Michigan, Pennsylvania, Missouri, Delaware, Florida and the District of Columbia. The division’s 2004 sales were $1.566 billion. Goldman Sachs and JPMorgan Chase are advising the public company in the divestiture process.

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