P.M. BRIEFING : May Department Stores to Buy Thalhimers for $325 Million
May Department Stores Co., which owns 13 regional department store chains, said today it will acquire the Richmond, Va.,-based Thalhimers chain for $325 million.
Thalhimers operates 26 stores in Virginia, North Carolina, South Carolina and Tennessee and had sales of $445 million in 1989.
Like other May acquisitions, Thalhimers will retain its name and continue to be headquartered in Richmond. The deal is subject to federal regulatory approval.
Thalhimers is owned by Carter Hawley Hale Stores.
St. Louis-based May Department Stores, parent of May Co. department stores in Southern California, is one of the nation’s leading retailers. It operates 289 department stores in 29 states and the District of Columbia. The company also operates 2,818 Payless ShoeSource discount shoe stores in 44 states.
Its best-known department store chain is Lord & Taylor.
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