Another May Question Answered: Federated to Sell Lord & Taylor
By George Anderson
Along with what would happen to Marshall Field’s, one of the big questions that many asked when Federated Department Stores acquired the former May Department Store properties was, “What would happen to Lord & Taylor?”
Yesterday, Federated Chairman, President and CEO Terry Lundgren answered that question. “After a thorough review, we have concluded that Lord & Taylor does not fit with our strategic focus for building the Macy’s and Bloomingdale’s national brands. However, Lord & Taylor is a niche specialty retailer with a great name, many outstanding locations, an experienced management team and a strong customer following that makes it a desirable business.”
Translation: Lord & Taylor is for sale.
The 55-store retail chain had sales of $1.566 billion in 2004. It operates locations in New Jersey, New York, Illinois, Massachusetts, Connecticut, Maryland, Virginia, Michigan, Pennsylvania, Missouri, Delaware, Florida and Washington D.C.
Moderator’s Comment: What do you expect to happen now that Federated has put Lord & Taylor up for sale? What will new owners of the chain likely
do with it? –
George Anderson – Moderator