Federated completes bridal business sale |
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Published
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Wed, 31 Jan 2007 22:24
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CINCINNATI (AFX) - Federated Department Stores Inc. said Wednesday it completed the sale of two of its bridal businesses to an affiliate of Leonard Green & Partners LP for about $750 million.The national department store operator said the all-cash deal includes 273 David's Bridal stores and 10 Priscilla of Boston stores.The company said David's Bridal will still partner with Federated-operated Macy's department store for its gift registry.Federated also said the sale of its 511-store After Hours Formalwear business to retailer Men's Wearhouse will be completed in the first half of the year. The $100 million sale includes Mr. Tux stores in New England.David's Bridal, Priscilla of Boston and After Hours Formalwear were all part of Federated's bridal group.Federated shares rose $1.20 to $41.55 in afternoon trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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