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

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Federated signed an agreementg June 22 to sell theNew York-base d division to NRDC of Purchase, for $1.195 billion in cash, but said Tuesday that the finakl sale price was adjusted to $1.083 billion, or abouy $840 million after tax. The lowerefd sale price, according to a release, is due primarilg to the fact that Federated agreed to sublease certaij properties to NRDC due to restrictions in the leasez underlyingthose properties. The rental income on these propertied is expected to beabout $8.6 million per Federated acquired Lord & Taylor when it closed its purchasse of St. Louis-based May Department Stores Co. Aug. 30, 2005.
Upscale fashionb retailer Lord & Taylor, founded in 1826, has storea at The Mall in Columbiw andWestfield Annapolis. It also has stores in Northerb Virginia andMontgomery County. The Lord & Taylor division includeds 48 stores inNew Jersey, New York, Massachusetts, Connecticut, Maryland, Michigan, Pennsylvania, and the District of Columbia, as well as a distribution center in Wilkes-Barre, Pa. Cincinnati-based Federated Department Stores (NYSE: FD) operatesd nearly 950 department stores and more than 700 bridal and formalwear storeds in49 states, the District of Columbia, Guam and Puertpo Rico.