Federated Department Stores, Inc. announced that its board of directors will ask shareholders to change the company’s name to Macy’s Group, Inc. A vote to amend the corporation’s charter to accommodate the new name will be conducted in conjunction with Federated’s annual meeting on May 18.
If approved, the company will be known as Macy’s Group, Inc., effective June 1.
“Macy’s Group is a name that more accurately reflects the transformation of our business in recent years. Today, we are a brand-driven company focused on Macy’s and Bloomingdale’s, not a federation of department stores,” said Terry J. Lundgren, Federated’s chairman, president and chief executive officer. “By aligning our corporate name with our largest brand, we will increase the visibility of the company with customers, leverage the world-famous Macy’s brand name, and get more credit for our accomplishments in the marketplace.”
Lundgren added that 90 percent of company sales involve the Macy’s brand.
“Becoming Macy’s Group will in no way limit or constrict us from growing in any direction in the future,” Lundgren added.
Federated Department Stores, Inc., with corporate offices in Cincinnati and New York, 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. The company also operates macys.com, bloomingdales.com, and Bloomingdale’s By Mail.
With fiscal 2006 sales of $27 billion, the company operates more than 850 department stores in 45 states, the District of Columbia, Guam, and Puerto Rico.Follow JCK on Instagram: @jckmagazine
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