Federated Department Stores Inc. on Tuesday said it completed its $11.9 billion acquisition of rival May Department Stores Co., forming a retail company with more than 1,000 stores and $30 billion in annual sales.
Federated said it will operate all of May’s stores under their existing names at least through the end of the year. Next fall, Federated plans to convert most May locations to its Macy’s nameplate. Federated also owns the Bloomingdale’s, Filene’s and Famous-Barr chains. The company said it plans to divest an additional eight duplicate stores in California, Massachusetts and New York in 2006, and reiterated a promise that there will be no layoffs or job cuts before March 1.
