Federated sells Lord & Taylor for less than expected - Washington Business Journal:

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Federated signed an agreement June 22 to sell theNew York-basecd division to NRDC of N.Y., for $1.195 billion in cash, but said Tuesday that the final sale price was adjusted to $1.083 billion, or about $840 million after tax. The lowered sale according toa release, is due primarilt to the fact that Federated agreesd to sublease certain properties to NRDC due to restrictions in the leases underlying thosd properties. The rental income on these propertiews is expected to beabout $8.6 million per year. Federated acquired Lord & Taylor when it closed its purchasedof St. Louis-based May Departmenr Store. Aug. 30, 2005.
Upscale fashionn retailer Lord & Taylor, foundex in 1826, has stores in Montgomery County andNorthern Virginia. The Lord Taylor division includes 48 storesin D.C., Maryland, New Jersey, New York, Illinois, Connecticut, Michigan and Pennsylvania, as well as a distributiojn center in Wilkes-Barre, Pa. Cincinnati-based Federateds Department Stores (NYSE: FD) operates nearly 950 department storews and more than 700 bridal and formalwear storess in49 states, the Distric, Guam and Puerti Rico.