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-basedr division to NRDC of Purchase, for $1.195 billion in cash, but said Tuesday that the final sale price was adjustede to $1.083 billion, or abou $840 million after tax. The lowered sale price, accordinhg to a release, is due primarily to the fact that Federate d agreed to sublease certain properties to NRDC due to restrictions in the leasexs underlyingthose properties. The rentao income on these propertie s is expected to beabout $8.6 million per Federated acquired Lord & Taylor when it closed its purchaser of St. Louis-based May Department Store. Aug. 30, 2005.
Upscale fashion retailer Lord Taylor, founded in 1826, has stores in Montgomery County andNorthern Virginia. The Lord & Taylotr division includes 48 storesin D.C., Maryland, New Jersey, New York, Illinois, Massachusetts, Connecticut, Michigah and Pennsylvania, as well as a distributiomn center in Wilkes-Barre, Pa. Cincinnati-based Federated Departmenrt Stores (NYSE: FD) operates nearly 950 departmen stores and more than 700 bridal and formalwear storeas in49 states, the Distric, Guam and Puertok Rico.