Federated to Vote on May Merger on Wednesday
Cincinnati, Federated Department Stores shareholders will vote on July 13 on the company’s plan to acquire May Department Stores for $17 billion.
With a favorable vote, Federated will solidify its standing as the nation’s largest department store retailer.
The Wednesday morning session will take place at Federated’s Cincinnati headquarters and will include the company’s annual stockholders meeting. Federated anticipates that the acquisition of May will be completed in the third quarter, before the holiday shopping season begins.
Office Depot Burns Rubber
Delray Beach, Fla., Office Depot has signed a new multi-year deal to be the primary sponsor of the No. 99 Roush Racing Ford, driven by Carl Edwards beginning in the 2006 Nascar Nextel Cup season.
Saks to Close Private-Label Division
Birmingham, Ala., Saks Inc. has announced that its Saks Fifth Avenue Enterprises segment will close its private-label brand and its product-development division by the end of September. Saks cites its reason as a desire to focus on upscale designer merchandise.
The company said that it will provide assistance to the 15 employees in the product development division, but did not disclose whether it expects to record any one-time charges or gains from the action.