CINCINNATI, March 28 (UPI) -- Federated Department Stores Inc. plans to use the single letter "M" as its symbol when it begins trading as Macy's Inc. on the New York Stock Exchange.
The Cincinnati department-store retailer said Wednesday it was changing its name to Macy's Inc. June 1 rather than the Macy's Group Inc. it announced in February because the one-letter symbol was available.
Its decision assumes shareholders approve a corporate name change at Federated's annual meeting May 18, it said.
"Changing the parent company name to Macy's Inc., while trading our shares under the 'M' ticker symbol, will make it simple and clear for all investors to understand we are a brand-driven and consumer-oriented company," Chief Executive Officer Terry Lundgren said.
Federated announced its intent to change its name to Macy's as part of a plan to transform Macy's into a national brand.
Federated's shares have traded under the ticker symbol "FD" since 1992.
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