Stride Rite Pulling Stores from Federated
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Stride Rite Corp. said it is pulling its retail operations out of Federated Department Stores and plans to open 50 stores in 2002.
The exit will be completed by May 1. Federated Department Stores includes Macy’s, Rich’s, Lazarus and Goldsmith’s stores.
Lexington, Mass.-based Stride Rite recorded about $14 million in retail sales at space leased from Federated in 2001. The company expects its new stores to offset any revenue lost in the pullout.
Stride Rite had partnered with New York-based Federated Department Stores for 31 years. The shoe company will continue to sell the Stride Rite wholesale brand in Federated stores.
Stride Rite rose 32 cents to $6.91, while Federated fell 18 cents to $40.28, both on the NYSE.
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