MediaBuyerPlanner: Federated Department Stores Inc. plans to sell its bridal group division because it does not fit in with its strategy of focusing on its national Macy’s and Bloomingdale brands.
Federated has signed agreements to sell its bridal group division in two separate transactions which will total $850 million in cash, according to DM News.
An affiliate of Leonard Green & Partners L.P. has agreed to purchase David’s Bridal and Priscilla of Boston (which own 269 stores and 10 stores respectively) for approximately $750 million.
Men’s Warehouse will purchase After Hours Formalwear, with 511 stores, for approximately $100 million. The transactions are expected to close in Q1 ‘07.
Related stories:
- Target Muscling in on Macy’s Thanksgiving Day Drama
- Local TV Likely to Lose Federated’s Dollars
- Macy’s Relaunches, Mails Magalog to 3.8 Million
- Macy’s Gets Reality Show
- NRDC to Acquire Lord & Taylor
- ‘Tis the Season for Fewer Newspaper Ads
- Federated Shifting Spend Toward DM and Electronic Media
