Federated, Allied Unveil Business Plan: Federated Department...
From Times Staff and Wire Reports
Federated, Allied Unveil Business Plan: Federated Department Stores Inc. and Allied Stores Corp. announced a plan to improve profitability that assumes Campeau Corp.’s U.S. retailers will emerge from bankruptcy next year. The plan, which covers the period through 1996, includes selected store closings but not the outright sale of any of its department store chains. These include such retailers as Bloomingdale’s, Bon Marche, Burdines, Jordan Marsh, Lazurus and Rich’s. Company spokesmen refused to say how much would be offered to creditors, who collectively are owed about $7.7 billion.
