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CINCINNATI, Jan. 12 (UPI) -- Cincinnati-based Federated Department Stores Inc. wants to sell its $1.6 billion Lord & Taylor chain of upscale stores.
"After a thorough review, we have concluded that Lord & Taylor does not fit with our strategic focus for building the Macy's and Bloomingdale's national brands," said Terry Lundgren, Federated's chief executive officer.
"However, Lord & Taylor is a niche specialty retailer with a great name, many outstanding locations, an experienced management team and a strong customer following that makes it a desirable business."
Federated acquired Lord & Taylor's in August when it bought May Co.
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