May Seeks Savings by Combining Units
Associated Press
May Department Stores Co. said that it plans to save about $60 million a year by combining two of its divisions with other divisions in the same region.
In the Northeast, Pittsburgh-based Kaufmann’s will be folded into the Boston-based Filene’s division. In the West, Meier & Frank in Portland, Ore., will be folded into the Robinsons-May division, based in Los Angeles.
May said about $30 million of the savings will be realized in the second half of fiscal 2002.
Including the Kaufmann’s stores, Filene’s will operate 96 stores in the Northeast and Great Lakes region. Robinsons-May will operate 71 stores in the West and Northwest.
May shares fell 35 cents to $35 on the NYSE.
