-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RtL2WtIs5/LZIfbPLTNloypuol9k8k4xWulLZS6fiHZV++ELo3n6La9BNM/WdQuT fGKyYAdlHuJOTxEFM0weiQ== 0000063416-03-000111.txt : 20030730 0000063416-03-000111.hdr.sgml : 20030730 20030730143030 ACCESSION NUMBER: 0000063416-03-000111 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030730 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAY DEPARTMENT STORES CO CENTRAL INDEX KEY: 0000063416 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DEPARTMENT STORES [5311] IRS NUMBER: 431104396 STATE OF INCORPORATION: DE FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00079 FILM NUMBER: 03811138 BUSINESS ADDRESS: STREET 1: 611 OLIVE ST CITY: ST LOUIS STATE: MO ZIP: 63101 BUSINESS PHONE: 3143426300 8-K 1 july8k.txt FORM 8-K DATED JULY 30, 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) July 30, 2003 THE MAY DEPARTMENT STORES COMPANY (Exact name of Registrant as specified in its charter) Delaware I-79 43-1104396 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 611 Olive Street, St. Louis, Missouri 63101 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (314) 342-6300 Item 5. Other Events and Regulation FD Disclosure. On July 30, 2003, Registrant announced that it intends to divest 32 Lord & Taylor stores as part of its strategic repositioning of Lord & Taylor as an upscale fashion retailer. Following the divestiture, Lord & Taylor will operate 54 stores in 11 states and the District of Columbia. The store divestitures will result in asset impairment, severance, and other charges of approximately $380 million, of which approximately $320 million, or 70 cents per share, will be recorded in the 2003 second quarter ending Saturday, August 2. Approximately $50 million of the $380 million represents the cash cost of the store divestitures, not including the benefit from future tax credits. May expects annual savings from these divestitures to be approximately $50 million or 10 cents per share, of which $20 million will be realized in the second half of 2003. A copy of the press release announcing the divestiture is attached hereto and is incorporated into this Report by reference. Item 7. Financial Statements and Exhibits. (c) Exhibits. The following document is filed as an Exhibit. Exhibit No. Exhibit 99.1 Press Release, dated July 30, 2003 Page 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE MAY DEPARTMENT STORES COMPANY Dated: July 30, 2003 By: /s/ Richard A. Brickson Richard A. Brickson Secretary and Senior Counsel Page 3 INDEX TO EXHIBITS Exhibit No. Exhibit 99.1 Press Release, dated July 30, 2003 Page 4 EXHIBIT 99.1 MAY For Immediate Release Contact: Sharon Bateman (314) 342-6494 THE MAY DEPARTMENT STORES COMPANY ANNOUNCES INTENT TO DIVEST 32 LORD & TAYLOR STORES AS PART OF ITS STRATEGIC REPOSITIONING; ALSO DIVESTING TWO OTHER STORES ST. LOUIS, July 30, 2003 -- The May Department Stores Company (NYSE: MAY) today announced that it intends to divest 32 Lord & Taylor stores as part of its strategic repositioning of Lord & Taylor as an upscale fashion retailer. The affected stores are located in markets where Lord & Taylor lacks a major presence and generally operates a small number of stores. The divestiture will allow Lord & Taylor to focus on its core markets. Following the divestiture, Lord & Taylor will operate 54 stores in 11 states and the District of Columbia. Jane Elfers, president and chief executive officer of May's Lord & Taylor division, said, "While the decision to divest stores is difficult, we recognize that our division's overall performance is negatively affected by these underachieving locations. These stores represent 38% of Lord & Taylor's locations and produce only 19% of our sales. In evaluating our long-term strategic objectives, it is clear that Lord & Taylor's customers and May's shareowners are best served by concentrating our efforts and resources on those markets with strong performances. We are generating strong returns and positive customer feedback in stores that are benefiting from our repositioning efforts." "We have worked very hard for the past several years to return Lord & Taylor to its heritage as an upscale retailer of distinctive fashion and style," said Gene S. Kahn, May's chairman and chief executive officer. "We are very pleased with the repositioning results that Jane and her management team have achieved in Lord & Taylor's core markets. As a result of today's actions, we fully expect Lord & Taylor's cash flow and return on investment to show a marked improvement, enhancing its contribution to May's total performance." May will continue to fulfill its obligations under existing documents to operate each store until satisfactory arrangements can be negotiated to divest the location. May also announced that it intends to divest a Famous-Barr store in Des Moines, Iowa, and a Jones Store location in Omaha, Neb. Approximately 3,700 associates will be affected by these divestitures. May will provide severance pay and enhanced retirement to all eligible associates whose employment is affected by these actions. more 2 The store divestitures will result in asset impairment, severance, and other charges of approximately $380 million, of which approximately $320 million, or 70 cents per share, will be recorded in the 2003 second quarter ending Saturday, Aug. 2. Approximately $50 million of the $380 million represents the cash cost of the store divestitures, not including the benefit from future tax credits. May expects annual savings from these divestitures to be approximately $50 million or 10 cents per share, of which $20 million will be realized in the second half of 2003. The May Department Stores Company currently operates 446 department stores under the names of Lord & Taylor, Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, L.S. Ayres, Meier & Frank, Robinsons-May, Strawbridge's, and The Jones Store, as well as 191 David's Bridal stores, 259 After Hours Formalwear stores, and 10 Priscilla of Boston stores. May operates in 45 states, the District of Columbia, and Puerto Rico. For more information, contact Sharon Bateman at (314) 342-6494. # # # This release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. While this release reflects all available information and management's judgment and estimates of current and anticipated conditions and circumstances and is prepared with the assistance of specialists within and outside the company, there are many factors outside of our control that have an impact on our operations. Such factors include but are not limited to competitive changes, general and regional economic conditions, consumer preferences and spending patterns, availability of adequate locations for building or acquiring new stores, and our ability to hire and retain qualified associates. Because of these factors, actual performance could differ materially from that described in forward-looking statements. NOTE TO EDITORS: Specific Stores To Be Divested Are Shown Below. LOCATION STORE Lord & Taylor's Divested Stores Colorado Denver Cherry Creek FlatIron Park Meadows Connecticut Hartford Pavilions at Buckland Hills Meriden Meriden Square Georgia Atlanta Mall of Georgia North Point Mall Phipps Plaza Florida Boca Raton Town Center at Boca Raton Ft. Lauderdale The Fashion Mall Miami Aventura Mall Dadeland Mall Orlando The Florida Mall Palm Beach County The Mall at Wellington Green Tampa International Plaza
LOCATION STORE Kentucky Louisville Mall of St. Matthews Louisiana New Orleans New Orleans Centre Maryland Baltimore White Marsh Mall Massachusetts Springfield Holyoke Mall New York Albany Crossgates Mall N. Carolina Raleigh Crabtree Valley Mall Ohio Columbus Polaris Fashion Place Pennsylvania Harrisburg Harrisburg East Mall Pittsburgh Downtown Rhode Island Providence Emerald Square (N.Attleboro, Mass.) Providence Place Texas Dallas/Ft.Worth NorthPark Center The Shops at WillowBend(Plano) Houston Memorial City The Galleria Willowbrook Mall Virginia Norfolk Lynnhaven Mall Famous-Barr's Divested Store Iowa Des Moines Merle Hay Mall The Jones Store's Divested Store Nebraska Omaha Westroads Mall
NOTE TO EDITORS: Lord & Taylor's 54 Ongoing Stores Are Listed Below. LOCATION STORE Connecticut Danbury Danbury Fair Mall Hartford Westfarms Mall Stamford Freestanding Trumbull Trumbull Shopping Park Delaware Wilmington Christiana Mall Illinois Chicago Northbrook Court Oakbrook Center Mall Old Orchard Water Tower Place Woodfield Mall Maryland Baltimore Annapolis Mall The Mall in Columbia Massachusetts Boston Burlington Mall Natick Mall Northshore Mall Prudential Center South Shore Plaza Michigan Detroit Fairlane Town Center Lakeside Twelve Oaks Missouri St. Louis Saint Louis Galleria West County
more LOCATION STORE Lord & Taylor's 54 Ongoing Stores (continued): New York/New Jersey Metro New York Bayshore South Shore Garden City Freestanding (Long Island) Huntington Station Walt Whitman Manhattan Fifth Avenue Manhasset Freestanding (Miracle Mile) Scarsdale Freestanding West Nyack Palisades Center New Jersey Bridgewater Bridgewater Commons Eatontown Monmouth Mall Freehold Freehold Raceway Mall Livingston Livingston Mall Paramus Garden State Plaza The Fashion Center Rockaway Rockaway Town Square Mall Wayne Willowbrook Mall Westfield Freestanding Woodbridge Woodbridge Center New Jersey Trenton Quakerbridge Mall New York Buffalo Walden Galleria Rochester Eastview Mall Syracuse Carousel Mall Pennsylvania Philadelphia Bala Cynwyd Center City King of Prussia Plaza Moorestown Mall (Moorestown, N.J.) Washington, D.C.Metro D.C. Chevy Chase Freestanding Maryland Kensington White Flint Mall Gaithersburg Lakeforest Mall Virginia Alexandria Landmark Mall Fairfax Fair Oaks Mall Loudoun Dulles Town Center McLean Tysons Corner Center
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