Cincinnati, Marshall Fieldâ€™s is out, and Macyâ€™s is in. Federated Department Stores, which acquired Marshall Fieldâ€™s when it bought May Department Stores in August, decided to roll out the Macyâ€™s nameplate to all 62 Marshall Fieldâ€™s stores.
Federated also announced that it plans to cut up to 6,200 jobs beginning in 2006. About 1,700 of the cuts will fall at Mayâ€™s St. Louis headquarters. Another 4,500 cuts will occur as the chain phases out divisional operations in Boston, Houston, Arlington, Va.; and Los Angeles.
Referring to the decision to drop the Marshall Fieldâ€™s name, Federated CEO Terry Lundgren said: â€śWe have great respect for the legacy and traditions of Marshall Fieldâ€™s and we carefully researched customer preferences and studied alternatives before making this decision to incorporate Marshall Fieldâ€™s into the nationwide Macyâ€™s brand.â€ť
The Marshall Fieldâ€™s banner dates back to 1852 and has tremendous brand equity, particularly in Chicago, where some had speculated that Federated would keep the department storeâ€™s traditional identity.
By cutting costs and consolidating banners to Macyâ€™s and Bloomingdaleâ€™s across the country, Federated intends to save $175 million in 2006 and $450 million in 2007.
Federated also plans to sell the Philadelphia-based bridal group it acquired from May. This group includes 245 Davidâ€™s Bridal stores and 454 After Hours Formalwear stores.