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Federated to sell Bridal Group

November 21, 2006

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Cincinnati—Federated Department Stores has signed agreements to sell its Bridal Group division, based in Conshohocken, Pa., in two separate transaction totaling $850 million.

An affiliate of Los Angeles-based Leonard Green and Partners has agreed to purchase the 269-store David's Bridal and 10-store Priscilla of Boston businesses for about $750 million. Houston-based Men's Wearhouse has agreed to purchase the 511-store After Hours Formalwear business, which includes Mr. Tux in New England, for about $100 million.

Federated's board of directors has approved both sales, which the companies expect to close in the first quarter of 2007 following regulatory approvals. Federated will continue to operate the stores until the change in ownership.

David's Bridal and Priscilla of Boston will carry on under the leadership of the existing Federated Bridal Group team, while Men's Wearhouse will integrate After Hours Formalwear into its operations.

Credit Suiss, Banc of America Securities and the law firm Jones Day advised Federated in the sale.
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