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After Hours sale completes divestiture of Federated Bridal Group
10 Apr '07
1 min read
Federated Department Stores Inc announced that it has completed the sale of its 507-store After Hours Formalwear business to Houston-based Men's Wearhouse.
The sale price of approximately $100 million was adjusted for certain items, primarily customer cash deposits retained by Federated on rentals to be completed after closing. Pre-tax cash proceeds from the transaction were approximately $67.3 million.
The After Hours sale completes the divestiture of Federated's Bridal Group division, which was acquired in 2005 as part of The May Department Stores Company.
As previously announced, David's Bridal and Priscilla of Boston were sold in January 2007. The sale price of the total Bridal Group was approximately $820 million in cash (after-tax proceeds of approximately $720 million).
Federated, with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2006 sales of $27 billion. Federated operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's.
The sale price of approximately $100 million was adjusted for certain items, primarily customer cash deposits retained by Federated on rentals to be completed after closing. Pre-tax cash proceeds from the transaction were approximately $67.3 million.
The After Hours sale completes the divestiture of Federated's Bridal Group division, which was acquired in 2005 as part of The May Department Stores Company.
As previously announced, David's Bridal and Priscilla of Boston were sold in January 2007. The sale price of the total Bridal Group was approximately $820 million in cash (after-tax proceeds of approximately $720 million).
Federated, with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2006 sales of $27 billion. Federated operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's.
Federated Department Stores Inc
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