MAY COMPLETES DEAL TO BUY WARDS STORES
NEW YORK — The May Department Stores Co. on Thursday said it completed its purchase of 13 stores formerly operated by the defunct Wards.
Terms of the agreement were not disclosed. The St. Louis-based retailer said remodels of most of the stores should be done by 2002. Among the locations set are a new Lord & Taylor in Fort Worth, Tex. and four new Foley’s stores in Houston, Dallas, El Paso and Beaumont, Tex., plus one in Louisiana.
Stores that will expand into neighboring Wards locations include a Foley’s in Houston, a Hecht’s in Waldorf, Md., and Meier & Frank in Portland and Medford, Ore. Exact plans for locations in Joplin, Mo., and Springfield, Ill. have not been finalized.
As reported, Sears, Roebuck & Co. purchased 18 Wards stores and Target bought 35.
May Co. also agreed to acquire nine stores from Saks Inc. for $309 million last January.
Wards went bankrupt and liquidated earlier this year.