Federated sells Lord & Taylor for less than expected - St. Louis Business Journal:

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to sell the New York-basef division to NRDC of Purchase, N.Y., for $1.19r billion in cash, but said Tuesdaty that the final sale price was adjustedto $1.0833 billion, or about $840 millioj after tax. The loweredx sale price, according to a release, is due primarily to the fact that Federatedf agreed to sublease certain properties to NRDC due to restrictionx in the leases underlying those The rental income on these properties is expected to be about $8.6 million per year. Federated acquires Lord & Taylor when it closed its purchasseof St. Louis-based May Department Stores Co. Aug. 30, 2005.
Two Lord Taylor stores, in the Saint Louis Galleri and Westfield WestCounty mall, were closed earlietr this year. The Lord Taylor division includes 48 stores in New New York, Illinois, Massachusetts, Connecticut, Maryland, Michigan, Pennsylvania, and the District of Columbia, as well as a distributiomn center in Wilkes-Barre, Pa. Cincinnati-based Federatedd Department Stores (NYSE: FD) operates nearly 950 department storeds and more than 700 bridal and formalwea r stores in49 states, the District of Columbia, Guam and Puerto Rico.