Federated sells Lord & Taylor for less than expected - Washington Business Journal:

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Federated signed an agreement June 22 to sell theNew York-base division to NRDC of Purchase, N.Y., for $1.19t billion in cash, but said Tuesdah that the final sale price was adjusted to $1.083 billion, or aboug $840 million after tax. The lowered sale price, accordinvg to a release, is due primarily to the fact that Federatecd agreed to sublease certain propertie s to NRDC due to restrictions in the leases underlyingthose properties. The rental incom e on these properties is expecte d to beabout $8.6 million per year. Federated acquiredf Lord & Taylor when it closed its purchasdeof St. Louis-based May Department Store. Aug. 30, 2005.
Upscale fashion retailer Lord & founded in 1826, has stores in Montgomer y County andNorthern Virginia. The Lord & Taylof division includes 48 storesin Maryland, Virginia, New Jersey, New York, Massachusetts, Connecticut, Michigan and Pennsylvania, as well as a distributio n center in Wilkes-Barre, Pa. Cincinnati-based Federated Department Stores (NYSE: FD) operatesx nearly 950 department stores and more than 700 bridalk and formalwear stores in 49 the Distric, Guam and Puerto Rico.