Federated Department Stores, Inc. shareholders on Friday approved a change in its corporate name to Macy’s, Inc., becoming effective June 1. On that date, the company’s shares will begin trading under the ticker symbol “M” on the New York Stock Exchange.
“Today represents a milestone in the history of our company,” said Terry J. Lundgren, Federated’s chairman, president and chief executive officer. “By changing our corporate name to Macy’s, Inc., we are demonstrating that we are a consumer-driven company focused on growing the Macy’s and Bloomingdale’s brands. In particular, this move will increase awareness of Macy’s, which represents about 90 percent of the revenue of our corporation.
“As Macy’s, Inc., we look forward to maintaining the fundamental values that have made Federated successful over the years, including integrity in the way we conduct business, respect for diverse points of view and a commitment to our communities,” he added.
The change in corporate name will not affect the validity or transferability of any existing stock certificates that bear the Federated name, the company said. Stockholders with Federated certificates should continue to hold them. No action is required.
In a separate move, Federated’s Board of Directors declared a 2 percent increase in the quarterly cash dividend to 13 cents per outstanding common share. The dividend will be paid on July 2, to shareholders of record on June 15. The previous quarterly dividend was 12.75 cents per outstanding common share.
Federated, with corporate offices in Cincinnati and New York, operates more than 850 department stores in 45 states, the District of Columbia, Guam, and Puerto Rico under the names of Macy’s and Bloomingdale’s. The company also operates macys.com, bloomingdales.com and Bloomingdale’s By Mail.