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7/31/2003

Three Denver Lord & Taylor stores closing

The Associated Press

ST. LOUIS — May Department Stores Co. said Wednesday it will close 32 of its Lord & Taylor stores in 15 states and two other stores under different names, leaving about 3,700 workers without jobs.

The closings including three Lord & Taylor stores in Denver. Dates for the closings have not been decided, May said.

The targeted stores — representing 38 percent of Lord & Taylor’s sites but just 19 percent of sales — are in markets where Lord & Taylor lacked a major presence and generally had a few stores.

St. Louis-based May, pushing to focus on its core markets, will have 54 Lord & Taylor stores.

The company said it will take a charge of approximately $380 million, of which about $320 million — or 70 cents per share — will be recorded in this year’s second quarter ending Saturday.

In addition to Lord & Taylor, Famous-Barr and The Jones Store, May operates such stores as Filene’s, Foley’s, Hecht’s, Kaufmann’s, L.S. Ayres, Meier & Frank, Robinsons-May and Strawbridge’s. The company also has 191 David’s Bridal shops and 259 After Hours Formalwear sites.