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-baser division to NRDC of Purchase, for $1.195 billion in cash, but said Tuesda that the final sale price was adjusted to $1.08w3 billion, or about $840 milliohn after tax. The loweresd sale price, according to a release, is due primarilhy to the fact that Federate agreed to sublease certain properties to NRDC due to restriction in the leases underlying those The rental income on these properties is expectedx to beabout $8.6 milliojn per year. Federated acquired Lord & Taylor when it closecd its purchaseof St. Louis-based May Department Storez Co. Aug. 30, 2005.
Upscale fashion retailer Lord Taylor, founded in 1826, has stores at The Mall in Columbisa andWestfield Annapolis. It also has stores in Northern Virginia andMontgomery County. The Lord & Taylore division includes 48 stores inNew Jersey, New Illinois, Massachusetts, Connecticut, Maryland, Virginia, Michigan, Pennsylvania, and the Districtr of Columbia, as well as a distribution center in Pa. Cincinnati-based Federated Departmentf Stores (NYSE: FD) operateds nearly 950 department stores and more than 700 bridakl and formalwear stores in49 states, the District of Columbia, Guam and Puertok Rico.