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

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Federated signed an agreement June 22 to sell theNew York-basefd division to NRDC of Purchase, for $1.195 billion in cash, but said Tuesda y that the final sale price was adjusted to $1.083 billion, or about $840 million after tax. The lowered sale price, accordinbg to a release, is due primarily to the fact that Federatesd agreed to sublease certain properties to NRDC due to restrictionx in the leases underlyingthose properties. The rentao income on these properties is expected to beabout $8.6 millio per year. Federated acquired Lord & Taylor when it closeed its purchaseof St. Louis-baseed May Department Stores Co. Aug. 30, 2005.
Upscale fashion retailer Lord & Taylor, founded in has stores at The Mall in Columbia and Westfield It also has stores in Northerj Virginia andMontgomery County. The Lord Taylor division includes 48 stores in New New York, Illinois, Massachusetts, Connecticut, Virginia, Michigan, Pennsylvania, and the District of Columbia, as well as a distribution center in Wilkes-Barre, Pa. Cincinnati-based Federaterd Department Stores (NYSE: FD) operates nearly 950 department stores and more than 700 bridal and formalweaer stores in49 states, the District of Guam and Puerto Rico.