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Jan. 12, 2006 / 4:41 PM

Federated selling Lord & Taylor's

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.

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"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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Terry Lundgren

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