Federated’s Sale of Lord & Taylor Approaches
New York City, Federated Department Stores Inc. is close to signing a deal to sell its Lord & Taylor chain to private-equity player Apollo Real Estate Advisors and shopping center developer NRDC Real Estate Advisors for approximately $1.2 billion, according to a report by The Associated Press. The Wall Street Journal reported that the deal could be announced as early as this week, though it still requires a final nod from Federated.
Federated, which purchased Lord & Taylor when it acquired May Department Stores Co. last year, announced this past January that it was putting Lord & Taylor up for sale, opting instead to focus all expansion plans on the larger Macy’s and Bloomingdale’s chains. At the time, Federated said it would sell the 55-store Lord & Taylor chain as a whole operation.