STRAWBRIDGE'S CUTS DIVIDEND TO 0.2% OF A MAY CO. SHARE

NEW YORK--Strawbridge & Clothier has cut its planned dividend of May Department Store shares to 0.2 percent of a May share from the 0.29 percent announced on July 3.
Strawbridge, which sold its department stores to May Co. last July for 4.2 million shares of May stock, said Monday that it cut the initial distribution because May will not acquire S&C's Shore Mall store in Atlantic County, New Jersey, due to a dispute with the landlord. Strawbridge said it is making progress toward finding a replacement tenant for the store.
Strawbridge said the dividend would be sent to Strawbridge shareholders of record today. After today there will be no further trading of Strawbridge shares.
May stock closed Monday at 52, so 0.20 of a share would be worth $10.40.
Strawbridge estimates that there will be an additional distribution of 0.17 percent of a May share in the future. In the July 3 announcement, Strawbridge said the additional distribution would be made in two to three years.

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