Federated Plans Job Cuts

Federated Department Stores Inc. announced today that it is planning to cut up to 6,200 jobs beginning in 2006. Federated recently acquired May Department Stores and said that the majority of the job cuts will be from the newly acquired assets. May Department Stores manages the Marshall Fields name brand. As part of the cuts, Federated will change the name of all of its sixty-two newly acquired Marshall Fields stores to Macy’s. Federated feels that these steps will help it compete against Wal-Mart. Federated also said that it will try to find jobs for as many of the workers who are cut as possible.