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FEDERATED/MACY'S CLOSING SIX NEW YORK STORES

This article was originally published in The Rose Sheet

Executive Summary

FEDERATED/MACY'S CLOSING SIX NEW YORK STORES under a Sept. 19 agreement in principle with New York Attorney General Oliver Koppell. Federated Department Stores has agreed to sell six stores located in the New York metropolitan area to other department, specialty or mass merchandising stores within two years of the closing date of the Federated/Macy's merger, in order to allay the AG's fears that the combined company would comprise a "virtual monopoly." Federated and R. H. Macy & Co. announced their agreement to merge July 14 ("The Rose Sheet" July 18, p. 9). The deal is expected to close in December, pending bankruptcy court approval of the company's disclosure statement and joint Plan of Reorganization at a Sept. 29 hearing.
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