Macy's / FD

About Macy's

7 W. Seventh St., Cincinnati, Ohio 45202
www.fds.com | 513-579-7000 | Founded: 1830

Industry: Retail | Category: Major Employers Not Based in the Region

Federated transformed its business last year, roughly doubling in size after it acquired May Department Stores Co. in an $11 billion cash-and-stock deal.
May's properties included several big regional names, such as the Washington area's homegrown Hecht's chain and Marshall Field's in Chicago. All of May's chains will be converted to Macy's or Bloomingdale's this September.
Federated plans to sell off the Lord & Taylor division; it has not yet announced a buyer. The company said it hopes to complete the sale by the end of the year.
The changes mark the end of an era for the Washington region. Hecht's had its headquarters in Arlington, and its closure is resulting in the elimination of more than 1,000 jobs. Federated plans to eliminate more than 5,000 jobs across the country as part of the merger, though the company said it would interview anyone who wanted to stay for other possible openings.
The merger positions Federated as a national chain, which the company hopes will help it compete against the low prices of discount stores and the appeal of specialty retailers. Nostalgia aside, some local retail experts say the conversion to Macy's and Bloomingdale's, both names with more of an upscale image than Hecht's, could be just what the Washington area's increasingly affluent population needs.
The company's employment numbers are a moving target, as Federated continues to incorporate some May store operations and closes and sells others. The national figure of about 200,000 and the Washington area employment of 7,700 are estimates. The company said it could not provide current numbers.

Chairman and CEO: Terry J. Lundgren

2005 Financial Data

Total employees: 200,000 | Local employees: 7,700