Tuesday, February 27, 2007

Federated Plans to Change Name to Macy's

MSN Money & Business Wire reports

The management of Federated Department Stores wants to change the company's name. The retailer said a vote on changing its name to Macy's Group will occur at the company's annual meeting May 18. If approved, the name change will go into effect June 1.

"We're no longer a federation of retail stores; Macy's is 90% of our business," CEO Terry Lundgren told CNBC today.

Federated Department Stores, Inc. was originally chosen as the company's name in 1929 by a group of family-owned department stores that joined together under a corporate holding company umbrella.

Federated became an operating company in 1945, and its portfolio over the years has included various regional department store names.

In 2005 and 2006, all regional nameplates were converted to Macy's. The company today operates only Macy's and Bloomingdale's stores, with both brands expanding nationwide.