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The May Department Stores Company to Acquire Marshall Field's.
Transaction Strengthens May's Position in Midwestern Metropolitan Areas
The May Department Stores Company announced today that it has entered into a definitive agreement to acquire the Marshall Field's department store group and nine Mervyn's store locations in the Twin Cities area from Target Corporation for a total consideration of $3.240 billion in cash, subject to adjustments.
The transaction is expected to be completed in May's fiscal 2004 second or third quarter.
Marshall Field's, which reported revenues of $2.58 billion and generated $107 million in segment earnings in fiscal 2003, has 62 stores primarily in the Chicago, Minneapolis and Detroit metropolitan areas. Locations include its world-famous flagship store on State Street in the Chicago Loop and important flagship stores in Detroit, Minneapolis, and suburban Chicago. With the addition of Marshall Field's, May will operate 500 department stores in 39 states.
Under the terms of the agreement, May will acquire all the assets that comprise Marshall Field's, including stores, inventory, customer receivables, and distribution centers in Chicago, Detroit and Minneapolis. May is also acquiring the real estate associated with the nine Mervyn's stores.
Gene Kahn, May's chairman and chief executive officer, said, "We are delighted to welcome this venerable and nationally recognized, premier department store company as a division of May and to welcome…
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Source: HighBeam Research, The May Department Stores Company to Acquire Marshall Field's.
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