FEDERATED UPDATE: Federated Department Stores said on Monday that it was ending the bridge financing facility that was used for the acquisition of May Department Stores Co. last August. The initial amount of the facility was $5 billion, and was scheduled to end on Aug. 29 of this year. Subsequent to the completion of sales of certain assets and credit receivables, the facility had been reduced to $1.29 billion. Federated said it will resume its share repurchase program, consistent with its prior stated intention to do so once the bridge loan has ended. The retailer has an outstanding authorization to repurchase as much as $670 million of its shares in the open market.
BARRATO TO POLO: Polo Ralph Lauren Corp. has hired Joseph J. Barrato as president of Ralph Lauren Purple Label and Black Label, effective July 10. Prior to this, Barrato was president and chief executive officer of Brioni USA. He also had worked at Brooks Bros., Cluett Peabody, Bergdorf Goodman and Garfinckel’s in Washington, as well as working with Lauren in the development phases of the Polo brand. At Polo, he will work closely with Joy Herfel, president of Polo Ralph Lauren Menswear, and will report to executive vice president Jacki Nemerov.
L’OREAL GETS INTERACTIVE: L’Oréal Paris has appointed ad agency R/GA to handle global interactive advertising for the beauty company’s cosmetics, skin care, hair care and hair color businesses. R/GA will be responsible for L’Oréal Paris’ brand campaigns, global Web presence and emerging media presence, including mobile phone marketing and interactive television, the beauty company said in a statement.