When we have a buyer for it, we'll be making an announcement.
We're still evaluating the store base. We've made no other determinations as of yet.
We really haven't studied that situation to determine the best course of action.
There are only certain windows, certain periods of time when executives can trade stocks and exercise options.
We're obviously glad the transit workers are going back to work and that the transit system will be back to normal soon. We're looking forward to welcoming customers into stores as they finish their holiday shopping.
We looked at locations mall by mall and market by market and determined which of the two stores would best be able to meet our goals.
I think in terms of our true, full-line department stores, South Bend is the only place where May Company had two nameplates.
Our intention is we'll sell the business as a whole and presumably, they (workers) will be continued to be employed by Lord & Taylor.
Our intention is to work hard to find places for our employees at other stores, or the other store in the mall.
That brings a measure of simplicity to pricing and reliability assuring shoppers that what they can buy today will never be offered at a lower price.
The announcement may have surprised some people, but we believe it was the best course of action.
The analyst numbers all have different data and assumptions in them that we haven't provided until now.
We have a lot of work to do before we get to that point.
We know that there is a return on investment. Otherwise, we wouldn't be investing in reinvent.
The proof will be in the integration of the transition.
Today was the day we made the decision that the plan is to sell Lord & Taylor as an ongoing business.
We understand the emotions. Field's is a great name and a great tradition and it was a hard decision for us to make. But the truth is, Field's business has not been good and we think we have a chance to revitalize those stores as Macy's.
There are a lot of negotiations going on around the country, and it's not in our best interest to comment until we have a final determination.
We are working with the employees and will offer jobs within the store or in our other stores in northeast Ohio to as many people as possible.
When people say to me, 'Why aren't people shopping in department stores anymore?' I tell them our sales this year will be $27 billion, which is a lot of shopping in department stores.
The practical answer there is no. Bloomingdale's serves a customer that lends itself to a different kind of market. I don't think that's a realistic possibility.
We're swapping 12 stores for 12 stores. We'd identified 13 of the 15 for divestiture. This was the best deal for the properties.
We're studying the brand, and when we make some decisions, we'll be letting the world know.
At this point, it's an ongoing store. Business as usual.
Customers behave a little differently online than in the stores. Shopping in stores is a full sensory experience. So if you're testing something for stores, you'd want to test it in the in-store environment.
Federated will be converting the stores in fall 2006.
Any successful mall needs good anchors and good stores between the anchors. We feel very good about the future of that mall.
That's not out of the question. We are talking to retailers, we are talking to developers.
As we said in making the announcement in September 2005, the company is committed to preserving Marshall Field's traditions -- the Walnut Room, Great Clocks, holiday tree and windows, etc. Crain's is making it sound like there's something more, which is not the case.
Do keep in mind that between now and 2006 nothing changes. 2006 will be a year of integration of brands, of divesting stores, etc. There will be a lot happening in 2006 and then the dust will settle in 2007.
It's clear that newspaper advertising is still an important vehicle for our stores.
It's an historic store. We'll be working to preserve it. Part of it could be office and part of it could be retail.
It will be generally in a 60-day time frame, depending on how the merchandise sells. At the point it is cleared, the store will close and be sold to someone else.
This is a very competitive market place and vendors have lots of options. We're going to work with vendors to make our assortment as distinctive as possible.
If May is making this decision, I'm sure it's a good one.
If there are opportunities at other Macy's stores in the area, we will attempt to place them in other positions.
In the media spending aspect, what we'll be able to do is really, for the first time, national TV buys.
