Federated buys stake in Macy's in potential merger plan
Federated Department Stores bought half of Prudential's 15 percent Macy's stake for 109.3 million and gains creditor status in Macy's Chapter 11. Allen Questrom said the move could pave a path to a Federated Macy's combination, pending creditor and court approval. Macy's and Federated both operate heavily in New York and New Jersey.
MENTIONED IN THIS ARTICLE
Cincinnati
Bloomingdale
R.H. Macy & Co. Inc
Federated Department Stores Inc
Prudential Insurance Co. of America
Macy’s
Macy
Federated
Carol Sanger
Michael Freitag
New York
Sanger
New Jersey
Prudential
Prudential’s
Allen Questrom
Federated’s
Federated Macy's deal signals potential merger path
Federated Department Stores said it purchased a share of Macy's with plans to unite the two chains into the nation’s largest department store group. Federated reports about 7 billion in annual sales across 219 stores in 26 states under Bloomingdale's Abraham & Straus The Bon Marche Burdines Goldsmith's Jordan Marsh Lazarus Rich's and Stern's. Macy's, Bullock's and related specialty stores totaled 6.3 billion in sales for 1993 with 111 Macy's and Bullock's branches plus J Magnin Aeropostale and Charter Club outlets.
MENTIONED IN THIS ARTICLE
Federated Department Stores Inc
R.H. Macy & Co. Inc
Federated
Macy's
Bloomingdale's
Abraham & Straus
Bon Marche
Burdines
Goldsmith's
Jordan Marsh
Lazarus, Rich’s
Stern's
Cincinnati
R.H. Macy CO. Inc
Macy’s
Bullock's
J. Magnin
Aeropostale
Charter Club
New York
Apple to unveil plans for on line service eWorld
Apple Computer will announce eWorld an on line service to rival Prodigy CompuServe and America Online. It will launch around April and provide educational business leisure and entertainment information via phone lines worldwide with over 100 partner companies. Ready to use software will ship with Macintosh modems in the United States. Initial cost eight ninety five dollars for two hours of use per month with extra hours at four ninety five.
MENTIONED IN THIS ARTICLE
Apple Computer Inc
eWorld
Prodigy
CompuServe
America Online
Apple
United States
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