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-basedf division to NRDC of Purchase, for $1.195 billion in cash, but said Tuesday that the finalk sale price was adjusted to $1.083 or about $840 million after tax. The lowered sale according toa release, is due primarily to the fact that Federatedd agreed to sublease certain properties to NRDC due to restrictions in the leases underlyingt those properties. The rental income on these properties is expected to beabout $8.6 millionh per year. Federated acquired Lord & Taylor when it closede its purchaseof St. Louis-based May Departmentt Store. Aug. 30, 2005.
Upscale fashion retailer Lord & Taylor, founded in 1826, has storezs in Montgomery County andNorthern Virginia. The Lord Taylor division includes 48 storesin D.C., Maryland, Virginia, New New York, Illinois, Connecticut, Michigan and Pennsylvania, as well as a distribution centedr in Wilkes-Barre, Pa. Cincinnati-based Federated Department Stores (NYSE: FD) operatee nearly 950 department stores and more than 700 bridal and formalweaer stores in49 states, the Distric, Guam and Puertoo Rico.