Federated to Close or Convert Six Lord & Taylor Stores
ST. LOUIS, (SLFP.com), March 12, 2006 - Federated Department Stores, Inc. has announced it will close five underperforming Lord & Taylor stores and convert one other to Macy's.
The following stores will close in late July or early August 2006 following the completion of clearance sales that are scheduled to begin April 30:
-- St. Louis Galleria, St. Louis, MO (115,000 square feet; opened in 1991; 114 employees);
-- West County, St. Louis, MO (140,000 square feet; opened in 2002; 117 employees);
-- Christiana Mall, Newark, DE (129,000 square feet; opened 1997; 131 employees);
-- Fairlane Town Center, Dearborn, MI (122,000 square feet; opened 1978; 131 employees);
-- Northshore Mall, Peabody, MA (114,000 square feet; opened in 1993; 122 employees).
In addition, Federated will convert the current Lord & Taylor store in downtown Philadelphia (354,000 square feet; opened in 1997; 198 employees) to a Macy's. This Lord & Taylor is expected to close on or about June 1, 2006, after completion of a clearance sale that begins April 2. It will open as Macy's on or about Aug. 1, 2006, following some minor remodeling.
The Strawbridge's store in downtown Philadelphia (621,000 square feet; opened in 1868; 310 employees) will close on or about June 1, 2006, after completion of a clearance sale that will begin April 2. Federated will seek buyers or replacement tenants for space currently occupied by Strawbridge's.
Employees at all Lord & Taylor stores to be closed will be eligible for severance and outplacement assistance. In addition, employees of both downtown Philadelphia stores will be given first consideration for positions to be created at the new downtown Macy's store and surrounding Macy's locations.
The remaining 49 Lord & Taylor stores in New Jersey, New York, Illinois, Massachusetts, Connecticut, Maryland, Virginia, Michigan, Pennsylvania, Florida and the District of Columbia will remain open and operating. As previously announced, Federated continues to pursue divestiture of its Lord & Taylor division, and a transaction is expected before the end of 2006.
Federated acquired Lord & Taylor in August 2005 as part of its merger with The May Department Stores Company.
State Tax Credits to Remediate Former Switzer Building
ST. LOUIS, (SLFP.com), March 12, 2006 - Gov. Matt Blunt has announced the approval of state remediation tax credits that will help launch a $12 million redevelopment of the Switzer Building into a mixed use facility that will house several new businesses and support at least 100 new jobs.
The Missouri Department of Economic Development approved up to $850,000 in Brownfield Redevelopment Program remediation tax credits for the vacant property located at 612 North 1st Street. The tax credits will help offset costs involved in the cleanup of asbestos and lead-based paint at the site.
"Through the Brownfield Redevelopment Program, many facilities from St. Louis's industrial past are being modernized to bring in an important mix of businesses, housing and parking that is drawing investments, people and jobs back to the downtown area," Blunt said. "I am pleased the state is able to provide resources that will kick off the redevelopment of the Switzer Building so that this site can soon contribute to the local economy again."
Clarinet LLC will redevelop the 56,000-square foot, five-story building and two level annex building. Constructed for the Switzer Candy Company in the 1880s, the site has also housed a retail store, a farm machinery company, a slot machine factor, a lantern factory, a filter factor and a water heater company. The site will be rehabilitated into a mixed-use facility including a restaurant, candy shop, ground floor commercial space, residential housing units and a parking facility.
The property meets the under-utilization requirements of the Brownfield Redevelopment Program and was accepted into the Department of Natural Resources' Voluntary Cleanup Program in September.
Near-Term Forecast for U.S. Housing Sector A "Tough Task"
ST. LOUIS, (SLFP.com), March 12, 2006 - Forecasting the near-term prospects for the U.S. housing sector has been a "tough task" in recent years, said William Poole, president of the Federal Reserve Bank of St. Louis.
Poole's comment came in a speech to the Regional Chamber and Growth Association.
Poole elaborated by noting that "Since 2002, forecasters have significantly underestimated the growth of real residential fixed investment - the main indicator of the strength of the U.S. housing sector. "For instance, in December 2004, the consensus of the Blue Chip forecasters was that real residential fixed investment would decline by about 3.25 percent in 2005," Poole said.
"Instead, such investment rose by about 7.5 percent. Currently, forecasters are once again expecting housing activity to modestly detract from real GDP growth in 2006. But this time, as noted in the minutes of the Federal Open Market Committee (FOMC) held on Jan. 31, 2006, even policymakers are now expecting some weakening in housing construction." Poole said that, to some extent, growth nationally will be influenced by the pace of ongoing rebuilding in the Gulf Coast areas ravaged by Hurricanes Katrina, Rita and Wilma last year.
Poole said that nationally, recent surveys of consumers suggested a "marked increase in reticence" by consumers to purchase a home. "My hunch, though, is that housing activity will stabilize and remain at a high level this year," said Poole. "I base this forecast on the belief that the FOMC will keep underlying inflation low and stable and that the growth of real household income will recover nicely due to the waning influence of last year's spike in energy prices. Continued healthy job growth will also help keep housing conditions at a high level. That said, some slowing in the growth of average home prices nationally seems a reasonable expectation at this point."
Poole said there is "substantial variation" in the appreciation of real house prices around the country, and that his Eighth Federal Reserve District is no exception. "For example, from the first quarter of 2000 through the fourth quarter of 2005, Springfield, Mo., Little Rock, Ark., and Louisville, Ky., appreciated by 14, 14 and 11 percent, respectively. This compares with a 26 percent increase for St. Louis but gains of less than 8 percent for Jefferson City, Mo., and Memphis, Tenn. As a result, if St. Louis has experienced a modest appreciation compared to the coastal regions, other metro areas in the Eighth District have experienced even less real appreciation."
New National Nurse Organization Launches With Unprecedented Commitment to Address the Growing Patient Care Crisis
WASHINGTON, (PRNewswire), March 11, 2006 - To give more nurses a voice in the growing debate about quality patient care through improved working conditions, the Service Employees International Union have announced the launch of the new Nurse Alliance of SEIU.
As a distinct national membership organization by, for and of nurses, the permanent, multi-million dollar Nurse Alliance of SEIU recognizes the critical role that nurses play at the bedside.
"We all respect the nurses who have cared for us over the years and today is about empowering them to ensure that their critical work is valued and rewarded by hospitals," said SEIU President Andy Stern. "SEIU is proud today to launch this national nurse organization which will mean a better future for patients and nurses alike."
With more than 84,000 nurses in 23 states, the Nurse Alliance of SEIU becomes one of the largest nursing organizations in the country, and is aligned with the nation's largest health care membership organization, SEIU, which has more than 900,000 active health care workers among its members. The Nurse Alliance will lead national discussions on quality patient care at the bedside, and together, the new organization and SEIU will actively participate in the national debate about the country's health care crisis.
The Nurse Alliance of SEIU also announced the first in a series of ongoing initiatives, Value Care, Value Nurses. Launched last week in 12 states with events in cities across the country, including: Denver, Colorado; Dubuque, Iowa; West Palm Beach, Florida; and St. Louis, Missouri, Value Care, Value Nurses, will offer opportunity for union, not-yet-union, and non-union nurses to join their voices in a truly national effort demanding improved patient care and a solution to the nation's growing health care crisis.
Future initiatives will include grassroots advocacy, federal and state legislation on issues such as safe staffing and hospital accountability, a national marketing effort, and outreach to patients to support the nurses who provide their health care.
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