Federated to sell bridal group for $850 million
Federated Department Stores Inc. has signed agreements to sell its bridal group division in two separate transactions totaling $850 million in cash.
The bridal group did not fit with Federated's strategy of focusing on the national Macy's and Bloomingdale's brands, according to the Cincinnati-based company.
An affiliate of Los Angeles-based Leonard Green & Partners L.P. has agreed to purchase the 269-store David's Bridal and 10-store Priscilla of Boston businesses for approximately $750 million.
Houston-based Men's Wearhouse has agreed to purchase the 511-store After Hours Formalwear business for approximately $100 million.
Both transactions are expected to close in the first quarter of 2007.