Federated Agrees to Buy Liberty House
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Retailer Federated Department Stores Inc., parent of Macy’s and Bloomingdale’s chains, said it agreed to buy Liberty House, giving Cincinnati-based Federated an entry into Hawaii.
Terms of the deal, which is expected to close in July, were not disclosed. The company said that excluding one-time costs of about $50 million to $60 million, the proposed purchase is expected to have a neutral impact on the company’s earnings per share during the next 18 months and then add to Federated’s per-share earnings.
The acquisition would add 11 Liberty House department stores and seven resort and specialty stores in Hawaii and one department store on Guam to Federated’s San Francisco-based Macy’s West division. The deal would bring incremental new sales of about $275 million annually, the company said.
Federated shares fell 30 cents to close at $41.65 on the NYSE.
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