Federated Department Stores Inc announced it has completed the previously announced sale of its David's Bridal and Priscilla of Boston businesses to an affiliate of Los Angeles-based Leonard Green & Partners, L.P. for approximately $750 million in cash.
The sale includes 273 David's Bridal stores and 10 Priscilla of Boston locations. Following the sale, Macy's will continue to be David's Bridal's exclusive department store wedding gift registry partner.
Federated said it expects the sale of its 507-store After Hours Formalwear business, which includes Mr. Tux stores in New England, to Houston-based Men's Wearhouse for approximately $100 million to be completed in the first half of 2007, pending regulatory approvals.
At that point, the divestiture of Federated's Bridal Group division will be completed. The company continues to expect the sale price of the total Bridal Group to be approximately $850 million in cash (after-tax net proceeds of approximately $750 million).
Federated Department Stores Inc
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