USA Today: Federated Department Stores said on Tuesday it is planning to cut up to 6,200 jobs beginning next year and change all 62 Marshall Field’s stores to the Macy’s name in the fall of 2006 in its biggest steps yet since completing its acquisition of May Department Stores.
The job cuts are the first announced since Federated completed in August its $11.9 billion acquisition of rival May, creating a combined retailing powerhouse better able to compete against industry leader Wal-Mart Stores and upscale merchants. The deal for May combined more than 1,000 stores with $30 billion in annual sales.
The retailer said previously that it was eliminating 10 May nameplates and that it was studying whether to keep the name of Marshall Field’s, a Chicago landmark. “We have great respect for the legacy and traditions of Marshall Field’s, and we carefully researched customer preferences and studied alternatives before making this decision to incorporate Marshall Field’s into the nationwide Macy’s brand,” Federated Chief Executive Terry Lundgren said in a statement.
Marshall Field’s traces its roots to 1852.
