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COPYRIGHT 2005 Knight-Ridder/Tribune Business News
The Washington Times Knight Ridder/Tribune Business News
Mar. 1--Federated Department Stores Inc., which owns Macy's and Bloomingdale's, announced yesterday it would buy May Department Stores, owner of the Hecht Co., for about $11 billion, positioning itself to be a powerful national retailer.
The purchase would mean most of May's regional chains, including 148-year-old homegrown Hecht's, Lord & Taylor and Strawbridge's, likely will be converted to the Macy's name.
The name change would bring the end of another Washington retailer, going the way of the defunct Woodward & Lothrop, Garfinckel's and Hechinger's.
"Today, we have taken the first step toward combining two of the best department store companies in America, creating a new retail company with truly national scope and presence," said Terry J. Lundgren, Federated's chairman, president and chief executive officer.
The proposed deal would turn Federated into a $30 billion national retailer with more than 950...
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