Federated Department Stores Inc. said Thursday it plans to sell seven department stores in California in a settlement resulting from Federated’s acquisition of Broadway Stores Inc.
California Attorney General Daniel Lungren had been investigating whether Federated’s purchase of the Los Angeles-based Broadway group of 82 stores would have hurt consumers by restricting retail competition in California.
Under the agreement, Federated will attempt to sell the seven stores within 30 days.
Federated has begun converting about 50 of the 82 Broadway, Emporium and Weinstock’s store locations to Macy’s. Another five are becoming Bloomingdale’s, the first entry of that store group into West Coast markets.
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