Federated cuts proceeds estimates. (department stores)

Federated cuts proceeds estimate NEW YORK (FNS) -- Federated Department Stores has cut its estimate of the proceeds expected from the sale of three non-department store divisions to $465 million from $648 million in an updated prospectus filed with the Securities and Exchange Commission.

The amended prospectus, which was filed for the proposed sale of $1,150,000,000 in junk bonds to help pay down the debt from Campeau Corp.'s $6,706,700,000 buyout of Federated, also discloses that Robert Campeau, chairman of the Canadian company, has an open-ended employment contract providing for $1 million a year net of all taxes. Payment of his compensation is to be shared by …