Federated to Close Stores, Eliminate Jobs

From Bloomberg News

Federated Department Stores Inc. said sales and profit would be little changed this year as it closes 11 stores and fires 1,900 employees.

Chief Executive James Zimmerman is consolidating operations as shoppers shift spending to discount chains such as Kohl's Corp. Sales at stores open at least a year have declined 19 of the last 23 months.

Shares of Cincinnati-based Federated fell $1.55 to $28.35 on the New York Stock Exchange.

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