Federated Department Stores Inc. has completed the previously announced sale of its New York-based Lord & Taylor division to NRDC Equity Partners of Purchase, NY.
Federated said the final sale price was adjusted to $1.083 billion, or approximately $840 million after tax.
The sale price that was initially announced on June 22 was $1.195 billion. The difference is due primarily to the fact that Federated, Cincinnati, has agreed to sublease to NRDC certain properties because of restrictions in the leases for those properties. The rental income on these properties is expected to be approximately $8.6 million per year.
