Biz Briefs: The Perpetual Shopper

Federated, the parent of Macy's and Bloomingdale's, bought May Department Stores in an $11 billion deal that will close later this year. Federated CEO Terry Lundgren spoke with TIME's Jyoti Thottam about putting the gleam back into retail.

TIME: Will there be store closings?

LUNDGREN: Where it makes sense. There will also be layoffs. We will have one organization.

TIME: Will all May stores become Macy's?

LUNDGREN: We have not decided which ones. Our national nameplate lies with our Macy's and Bloomingdale's brands and not with the very powerful local brands like Burdines in Florida or Rich's in Atlanta. There are a couple of names that are very strong--Marshall Field's and Lord & Taylor. Those will require a great deal of study.

TIME: There have been some disastrous corporate mergers lately.

LUNDGREN: I try to read up on the ones that are successful.

TIME: How...

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