FEDERATED SEEKING TO COMBINE WITH MACY'S, BUYS PORTION OF SECURED CLAIM
This article was originally published in The Rose Sheet
FEDERATED SEEKING TO COMBINE WITH MACY'S, BUYS PORTION OF SECURED CLAIM held by the Prudential Insurance Company of America in R. H. Macy & Co.'s Chapter 11 reorganization. Cincinnati-based Federated Department Stores acquired 50% of Prudential's claim with the "ultimate objective" of forming a "single nationwide multi-billion dollar department store operation" with Macy's, Federated said Jan. 2. The over $13 bil. business would combine Federated's chains, which include Abraham & Straus, Bloomingdale's, The Bon Marche, Burdines, Goldsmith's Jordan Marsh, Lazarus, Rich's and Stern's with R. H. Macy's Bullock's, Macy's, I. Magnin, Macy's Close-Out, Aeropostale and Charter Club stores.
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