May likely to buy chain of stores, analysts say

March 11, 1992|By Bloomberg Business News

NEW YORK B — NEW YORK -- May Department Stores is likely to make a major acquisition in the next several months, analysts say.

"May wants to buy something, and they've probably been looking around the country for the best possible department store chain," said Peter Siris, an analyst at UBS Securities. "The problem is finding something that's available."

May is the largest U.S. operator of "conventional" department stores, with 318 stores. The stores are split among 12 divisions, including Lord & Taylor and Hecht's.

In 1988, May acquired Foley's of Houston and Filene's of Boston for $1.5 billion from Federated Department Stores. More recently, May bought Thalhimers of Richmond, Va., now part of the Washington-based Hecht's division.

St. Louis-based May recently filed with the Securities and Exchange Commission to sell $402.1 million of debt securities.

May spokesman James Abrams declined to comment yesterday.

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