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Federated/May merger updates by Finlay Inc

Sep '05
Leading retailer of fine jewelry and the largest operator of licensed fine jewelry departments in department stores throughout the United States, Finlay Enterprises Inc provided an update regarding the expected impact of the Federated/May merger on its business.

Taking into account the division realignment and store divestitures which Federated has previously announced, Finlay expects to ultimately operate approximately 404 Federated doors compared to the 588 doors the Company is currently operating. Finlay will operate in four of the seven Macy's divisions as well as the Bloomingdale's and Lord & Taylor store groups.

The number of doors by store division is expected to be as follows:
Macy's South 119
Macy's Midwest 106
Macy's North 55
Macy's Northwest 38
Bloomingdale's 33
Lord & Taylor 53

As a result of Federated's recently announced integration plans, Finlay expects to no longer operate in the following 194 locations:

* 142 stores under various regional nameplates that are slated to be phased into the Macy's East and West divisions, which are Federated divisions in which Finlay has not historically operated. Finlay anticipates the transition of these stores to begin after Mother's Day and be completed by August 1, 2006.

* 48 stores that were previously announced to be slated for divestiture.

* 4 stores that will beclosed in preparation for reopening as Bloomingdale's locations.

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