Cincinnati, OH, August 1, 2006--Federated Department Stores Monday received approval for its plans to sell its 48-store Lord & Taylor department store chain to a private equity group and a real estate developer.
The deal will be worth about $1.2 billion in cash. U.S. antitrust officials completed their investigation of the proposed deal without taking any action, the Federal Trade Commission said Monday.
The buyers--NRDC Equity Partners LLC, a partnership of private equity firm Apollo Real Estate Advisors L.P. and real estate developer National Realty & Development Corp.--plan to continue operating Lord & Taylor as an upscale fashion retailer.
