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Federated/May to Evaluate Reductions

Employees of Federated Department Stores and May Co. received word from their respective chairmen last week announcing there will be no job reductions in the combined company until March 2006.

The letters, which were filed with the Securities and Exchange Commission, explain that the companies have appointed a transition team of executives to assess resources and business needs.

“We want everyone at May to be able to take a deep breath and realize that there is time for Federated to learn more about May, and there is time for May associates to learn more about the new company and the potential opportunities it will provide,” said the letter to May employees, which was signed by the chairman/president/CEO of both May and Federated, John Dunham and Terry Lundgren, respectively.

A separate letter to Federated employees, which was signed by Lundgren only, encouraged associates to focus on running the business in the months ahead, “especially as we approach the important back-to-school and holiday seasons.”

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