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Federated shareholders to vote on conversion to Macy's
05 Mar '07
2 min read
Federated Department Stores Inc announced that its Board of Directors will ask shareholders to change the company's name to Macy's Group Inc. A vote to amend the corporation's charter to accommodate the new name will be conducted in conjunction with Federated's Annual Meeting on May 18, 2007.
If approved, the company will be known as Macy's Group Inc, effective June 1, 2007.
"Macy's Group is a name that more accurately reflects the transformation of our business in recent years. we are a brand-driven company focused on Macy's and Bloomingdale's, not a federation of department stores," said Terry J. Lundgren, Federated's chairman, president and chief executive officer.
"By aligning our corporate name with our largest brand, we will increase the visibility of the company with customers, leverage the world-famous Macy's brand name, and get more credit for our accomplishments in the marketplace."
"Macy's Group is the appropriate name for our company, given that about 90 percent of our sales involve the Macy's brand. That said, Bloomingdale's is - and will remain - a very important part of the company. Becoming Macy's Group will in no way limit or constrict us from growing in any direction in the future," Lundgren added.
Federated Department Stores Inc was originally chosen as the company's name in 1929 by a group of family-owned department stores that joined together under a corporate holding company umbrella. Federated became an operating company in 1945, and its portfolio over the years has included various regional department store names. In 2005 and 2006, all regional nameplates were converted to Macy's. The company today operates only Macy's and Bloomingdale's stores, with both brands expanding nationwide.
If approved, the company will be known as Macy's Group Inc, effective June 1, 2007.
"Macy's Group is a name that more accurately reflects the transformation of our business in recent years. we are a brand-driven company focused on Macy's and Bloomingdale's, not a federation of department stores," said Terry J. Lundgren, Federated's chairman, president and chief executive officer.
"By aligning our corporate name with our largest brand, we will increase the visibility of the company with customers, leverage the world-famous Macy's brand name, and get more credit for our accomplishments in the marketplace."
"Macy's Group is the appropriate name for our company, given that about 90 percent of our sales involve the Macy's brand. That said, Bloomingdale's is - and will remain - a very important part of the company. Becoming Macy's Group will in no way limit or constrict us from growing in any direction in the future," Lundgren added.
Federated Department Stores Inc was originally chosen as the company's name in 1929 by a group of family-owned department stores that joined together under a corporate holding company umbrella. Federated became an operating company in 1945, and its portfolio over the years has included various regional department store names. In 2005 and 2006, all regional nameplates were converted to Macy's. The company today operates only Macy's and Bloomingdale's stores, with both brands expanding nationwide.
Federated Department Stores Inc
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