Cincinnati, OH, May 26--Federated and May Department Stores have set dates for shareholder meetings this summer at which they will seek endorsement of a planned $11 billion merger.
Federated’s annual meeting is scheduled for July 13, at the company headquarters in Cincinnati. May has scheduled its yearly stockholders meeting for the same day at the Pierre-New York in New York City, according to Securities and Exchange Commission filings.
Federated has about 112,000 employees and more than 450 Macy's and Bloomingdale's stores in 34 states, Guam and Puerto Rico. May -- operator of Lord & Taylor, Famous-Barr, The Jones Store, Filene's and other regional department stores -- has 132,000 employees in 46 states, the District of Columbia and Puerto Rico.
The merger would result in a retailing colossus of nearly 1,000 department stores and $30 billion in annual sales, with May becoming a Federated division.
Both companies have been positioning their management ranks in advance of the consolidation. On Monday, Federated announced its promotion of senior vice president and chief financial officer Karen Hoguet to executive vice president, effective June 1. The retailer said the move was to recognize 48-year-old Hoguet's growing responsibilities in the pending merger.
The merger requires approval by the Federal Trade Commission and is expected to be completed in the third quarter.
