Federated To Sell Lord & Taylor

Share this content:

Federated Department Stores Inc. has agreed to sell its Lord & Taylor division to NRDC Equity Partners LLC for $1.195 billion in cash, the Cincinnati, OH-based merchant said yesterday.

Federated, which acquired Lord & Taylor as part of its $11 billion purchase of May Department Stores last year, announced in January that it planned to sell the once-venerated retail chain because it did not fit into its "strategic focus."

The strategic focus is an ongoing effort to build Bloomingdale's and Macy's into national brands.

The sale includes 48 Lord & Taylor stores in New Jersey, New York, Illinois, Massachusetts, Connecticut, Maryland, Virginia, Michigan, Pennsylvania, and the District of Columbia, as well as a distribution center in Wilkes-Barre, PA.

While the Lord & Taylor brand has lost some of its luster in recent years, it owns some prime real estate, which is what the deal is considered to be mostly about. Particularly attractive is Lord & Taylor's flagship store on Fifth Avenue in midtown New York. NRDC Equity Partners, Purchase, NY, is a partnership between Apollo Real Estate Advisors, L.P. and National Realty & Development Corp.

The transaction is expected to close in the third quarter of 2006.

close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

USAData helps businesses find new customers and grow their current customers through a combination of data and digital marketing services, and easy-to-use SaaS technology products. We enrich customer data so businesses can more effectively target and communicate with customers, and connect them with their best look-alike prospects through digital and traditional channels. We make it easy through simple, self-serve applications and APIs, as well as through full-service programs managed by our Data and Digital experts. 

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above