SEARS HAS EYES ON 10 FEDERATED UNITS IN N.Y., N.J.
NEW YORK--A Sears, Roebuck & Co. spokeswoman confirmed the company is interested in buying 10 Federated Department Store locations in the New York and New Jersey areas, according to an Associated Press report late Thursday. Several Federated units are expected to be sold as a result of the company's planned merger with R.H. Macy & Co. Inc. Other potential buyers for Federated or Macy units reportedly include May Department Stores, Dillard Department Stores and J.C. Penney. Stores expected to go on the block first are units of Federated's Abraham & Straus division, which shares markets with Macy's East. The Sears spokeswoman said no deals will be struck until the merger is completed, but she noted the company wants to strengthen its presence in New York and New Jersey. Sears has 28 stores in the New York area, but only four in New York City. Sears and Federated executives could not be reached for comment Thursday night.
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