FEDERATED FILING: Federated Department Stores Inc. said in a regulatory filing Tuesday with the Securities and Exchange Commission that it will reclassify $2.2 billion in proceeds from the October 2005 sale of its credit card accounts to Citibank. The reclassification will increase the net cash used by continuing operations to $4.1 billion for the year ended Jan. 28, 2006. It will also increase the cash used by continuing investing activities to $4.7 billion for the year ended Jan. 28, 2006. Federated said in the filing that the reclassification will have no impact on the company’s income statement or balance sheet.
NEW JOB IN DALLAS: The Dallas Market Center Co. has promoted Robbin Wells to executive vice president of leasing, a new position. A 17-year veteran of the wholesale complex who has worked in marketing and other areas, Wells most recently was senior vice president of leasing of permanent showrooms for hard goods, which spanned all gift and home categories. In her new role, Wells leads leasing of the entire center, including FashionCenterDallas. Billing itself as the world’s largest wholesale trade complex of almost 7 million square feet, the DMC is expanding its Trade Mart building by 500,000 square feet to accommodate more lighting showrooms and parking.
This story first appeared in the June 8, 2006 issue of WWD. Subscribe Today.
OXFORD CLOSES THE DEAL: Oxford Industries Inc., a producer and marketer of branded and private label apparel for women, men and children, has completed the sale of its Womenswear Group to The Millwork Trading Co. Ltd., a division of Li & Fung USA. The sale was announced last month. The purchase price paid by Millwork was $37.3 million, subject to post-closing adjustments. Other items after the closing, such as collection of retained accounts receivable and the sale of in-transit inventories, are expected to generate an additional $30 million in cash proceeds. Oxford’s Womenswear Group produces budget and moderately priced private label women’s apparel for mass merchant and catalogue retailers.