Federated Department Stores, Inc. and New York Stock Exchange Group Inc. announced that Federated shares will begin trading under the ticker symbol "M"Â on the New York Stock Exchange, effective June 1, 2007, assuming shareholders approve a corporate name change in association with Federated's Annual Meeting on May 18, 2007.
Given the availability of the simplified, single-letter ticker symbol, Federated's Board of Directors will ask shareholders to approve a corporate name change to Macy's, Inc. instead of Macy's Group, Inc., as previously announced.
"Macy's and Bloomingdale's are leading brands known worldwide,"Â said Terry J. Lundgren, Federated's chairman, president and chief executive officer. "Changing the parent company name to Macy's, Inc., while trading our shares under the 'M' ticker symbol, will make it simple and clear for all investors to understand we are a brand-driven and consumer-oriented company. Macy's represents about 90 percent of the revenue of our corporation, and this is another important opportunity to reinforce the recent expansion of the Macy's brand."Â
"We take great pride in our long-standing relationship with Federated and its shareholders, and look forward to continuing to provide the NYSE's unsurpassed market quality and service to Macy's, Inc.,"Â said John A. Thain, chief executive officer, NYSE Group. "Macy's is a marquee name and brand of great distinction, so the letter 'M' is a fitting ticker symbol as the company changes its corporate name."Â
Federated's shares have traded under the ticker symbol "FD"Â since 1992.
About Federated
Federated, with corporate offices in Cincinnati and New York , is one of the nation's premier retailers, with fiscal 2006 sales of $27 billion. Federated 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. -- www.nyse.com
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