Cases & Deals

Federated sells Lord & Taylor division to NRDC Equity Partners

Clients Federated Department Stores, Inc.

Jones Day advised Federated Department Stores, Inc. (now known as Macy's) in the $1.2 billion sale of its Lord & Taylor division to NRDC Equity Partners, LLC. NRDC Equity Partners is a partnership between principals of Apollo Real Estate Advisors, L.P. and principals of National Realty & Development Corp. The sale includes 48 Lord & Taylor stores in New Jersey, New York, Illinois, Massachusetts, Connecticut, Maryland, Virginia, Michigan, Pennsylvania, and the District of Columbia, as well as a distribution center in Wilkes-Barre, Pennsylvania. Federated, with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2006 sales expected to be more than $27 billion. Federated operates more than 850 department stores in 45 states, the District of Columbia, Guam, and Puerto Rico under the names of Macy's, Bloomingdale's, Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, Strawbridge's, The Jones Store. The company also operates Macys.com and Bloomingdale's By Mail. In addition to M&A, Jones Day also provided IP and licensing advice relating to the substantial trademarks and software involved in the transaction.