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Finlay & FDS tie up for four Macy's divisions

16
Nov '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 announced it has signed a new three year agreement with Federated Department Stores Inc (FDS) for the four Macy's divisions in which Finlay currently operates, Macy's South, Macy's Midwest (currently Famous Barr), Macy's North (currently Marshall Field's) and Macy's Northwest.

The new agreements were negotiated as a result of Federated's recent acquisition of The May Department Stores Company and the merged companies' subsequent divisional realignment.

The new agreement is three years in length, running through January 31, 2009, which is one year longer than the term of the previous contract.

Currently, 316 stores are covered by the agreement, which has substantially the same rent terms as the prior contract.

In addition, the new agreement eliminates all non-compete provisions from the previous May Company contracts that required Finlay to obtain May Company's permission before opening a department or store within a ten mile radius of a May Company store.

Arthur E Reiner, Chairman and Chief Executive Officer of Finlay Enterprises Inc, commented, 'The new lease agreement builds on their long-term relationship with Federated, which dates back to 1983, and provides a platform from which they can continue their strong partnership.

They are enthusiastic about moving forward with the newly-structured Macy's divisions and working with them to create an exciting and successful business.


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