Reply #86: Federated to close 5 distribution centers (750 jobs cut) [View All]

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-01-19T181356Z_01_WEN8119_RTRIDST_0_RETAIL-FEDERATED-CENTERS-URGENT.XML

NEW YORK, Jan 19 (Reuters) - Federated Department Stores Inc. (FD.N: Quote, Profile, Research) said on Thursday it would close five distribution centers this year to cut costs and streamline its Macy's operating divisions after buying the May Department Stores Co. last year.

The shuttering of the centers will affect about 750 employees, the company said in a statement, adding that the costs associated with the move are included in the previously announced estimate of approximately $1 billion in one-time costs spread over three years beginning in 2005.