May gets Marshall Field's for $3.2B

0 Comments | USA TODAY, June, 2004 | by Lorrie Grant

May Department Stores, which operates well-known regional brands such as Lord & Taylor, Hecht's, Strawbridge's, Famous Barr and others, will add upscale merchant Marshall Field's to its lineup in a $3.2 billion deal.

May and Marshall Field's owner Target announced their sale agreement late Wednesday.

With the addition of all 62 Marshall Field's stores in eight states in the upper Midwest, May will operate 500 department stores in 39 states.

Marshall Field's, with its assortment of upper-moderate to high-end designer merchandise, complements May's Lord & Taylor, a similar store.

"This is right in our sweet spot," said May Chief Executive Gene Kahn. "It makes us more of a full-line company."

May also will take over the $600 million Field's...