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Archive for Friday, September 11, 1998

MAY COMPLETES MERCANTILE PURCHASE

September 11, 1998

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May Department Stores Co. said Thursday it completed the previously announced acquisition of 11 former Mercantile Stores Co. Inc. stores from Dillard's Inc., which bought Mercantile earlier this year.

Terms were not disclosed, but May earlier reduced a stock repurchase by $150 million, saying it would use the money to buy the Mercantile stores. May plans to remodel 11 former Mercantile stores and reopen them later this month with nameplates from its chain. May's Famous-Barr division, based in St. Louis, will operate six of the stores in the Kansas City area and one in Topeka under The Jones Store trade name. They are advertised to reopen Sept. 23.

Eight of the stores have been closed for a short time before reopening.

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