May Co. to Sell Loehmann’s Unit

May Department Stores Co. today agreed to sell its Loehmann’s off-price women’s apparel chain for an undisclosed sum to a group that includes a Spanish construction firm and a division of Donaldson, Lufkin & Jenrette Securities Corp. Loehmann’s, based in New York, operates 77 specialty stores selling upscale women’s apparel at a discount. It had sales of $334 million in 1987 and employs 2,700 people.