View source for The May Department Stores Company

{{Short description|Defunct retail company acquired by Federated Department Stores in 2006}}
{{about|the defunct holding company|its department store chain in California|May Company California|its department store chain in Colorado|May-Daniels & Fisher|its department store chain in Ohio|May Company Ohio|the unrelated New York–based chain|J.W. Mays}}
{{Infobox company
| name = The May Department Stores Company
| logo = May logo.gif
| logo_size =
| logo_alt =
| logo_caption =
| image =
| image_size =
| image_alt =
| image_caption =
| type = [[Public company|Public]]
| traded_as =
| industry = [[Retailing]]
| fate = Acquisition/merger with Federated Department Stores (Macy's).
| successor = [[Federated Department Stores]] aka [[Macy's, Inc.]]
| founded = {{Start date and age|1877}} in [[Leadville, Colorado]], U.S.
| founder = [[David May (merchant)|David May]]
| defunct = {{End date and age|2005|08|30}}
| hq_location =
| hq_location_city = [[St. Louis]], [[Missouri]]
| hq_location_country = U.S.
| area_served = United States
| products = {{flat list|
* Clothing
* footwear
* accessories
* bedding
* furniture
* jewelry
* beauty products
* housewares
}}
}}
'''The May Department Stores Company''' was an American [[department store]] [[holding company]], formerly headquartered in [[downtown St. Louis]], Missouri.<ref>"[http://www.accessmylibrary.com/coms2/summary_0286-18916239_ITM Federated and May Announce Merger; $17 billion transaction to create value for customers, shareholders.] {{webarchive |url=https://archive.today/20120716135640/http://www.accessmylibrary.com/coms2/summary_0286-18916239_ITM |date=July 16, 2012 }}" ''Business Wire'', 28 February 2005. Retrieved on August 19, 2009.</ref> It was founded in [[Leadville, Colorado|Leadville]], Colorado, by [[David May (merchant)|David May]] in 1877, moving to St. Louis in 1905.<ref>[http://www.macysinc.com/company/his_2.asp The Drive to Differentiate - Macy's, Inc<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20080408115849/http://www.macysinc.com/company/his_2.asp |date=April 8, 2008 }}</ref> After many changes in the retail industry, the company merged with Federated Department Stores (now [[Macy's, Inc.]]) in 2005.
This company was only a holding company that bought, sold, and merged regional department stores, such as [[Foley's]] and [[L.S. Ayres]]. During most of its history, the operations of the various divisions were kept separate and had their own buyers and credit cards. The latter were not accepted at other May-owned stores. At times, two different May stores operated in the same geographical market, but they were aimed at different customers. Most decisions for each of the regional store companies were made by management at the local headquarters and not by the holding company in St. Louis.
Some of the regional stores shared names that were similar to the parent company, such as Los Angeles–based [[May Company California]]. All it had in common with the parent was that these stores were headed by a different member of the May family as the president of their respective regional store chain. They were separate legal entities.
==History==
[[File:Christmas advert for Hamburger's Department Store, Los Angeles, 1905.png|thumb|right|Christmas advertisement for Hamburger's Department Store, Los Angeles, 1905]]
[[Image:Highsmithmaycompanywilshire.jpg|thumb|right|The 1939 [[Streamline Moderne]] style [[May Company Building (Wilshire, Los Angeles)|May Company Wilshire]] building in [[Los Angeles]]. It was later adapted for use as [[The Academy Museum of Motion Pictures]]]]
In 1877, the May Department Stores Company was founded in [[Leadville, Colorado|Leadville]] during the [[Colorado]] [[silver rush]]. In 1889, the headquarters moved to [[Denver, Colorado|Denver]].
In 1899, May acquired the E.&nbsp;R. Hull & Dutton Co. of Cleveland, renaming it the May Company, Cleveland, later named the [[May Company Ohio]].
In 1905, the headquarters moved to [[St. Louis]].<ref name="autogenerated2">[http://www.macysinc.com/company/his_3.asp The Drive to Differentiate - Macy's, Inc.<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20080313040750/http://www.macysinc.com/company/his_3.asp |date=March 13, 2008 }}</ref> In 1910, the business was officially [[Incorporation (business)|incorporated]] as the May Department Stores Company.<ref name="autogenerated2" /> In 1911, [[The Famous Clothing Store]] (owned by May) and [[the William Barr Dry Goods Company]] merged to create [[Famous-Barr]].<ref name="autogenerated2" />
In 1912, May acquired the M. O'Neil Co. (O'Neil's) department store of [[Akron, Ohio]].
In 1923, May acquired A. Hamburger & Sons Co. in [[Los Angeles]] and renames it [[May Company California]].<ref>{{Cite web|title=Asher Hamburger & Family|publisher=Jewish Museum of the American West|url=http://www.jmaw.org/hamburger-jewish-los-angeles/  |access-date=April 10, 2018}}</ref>
In 1946, May acquired the [[Kaufmann's]] chain based in [[Pittsburgh]], retaining it as a separate division.<ref name="autogenerated2" /> In 1947, May acquires Strouss-Hirshberg Co. based in [[Youngstown, Ohio]], retaining it as a separate division and changing the name to [[Strouss]].
In 1956, May acquired the Daniels & Fisher Company of Denver, merging it with May stores in the area to create a new [[May-Daniels & Fisher]] division.<ref name="autogenerated4">[http://www.macysinc.com/company/his_4.asp The Drive to Differentiate - Macy's, Inc.<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20080313040755/http://www.macysinc.com/company/his_4.asp |date=March 13, 2008 }}</ref>
In 1958, May acquired the [[Cohen Brothers]] Department Store in [[Jacksonville, Florida]], turning it into the May Cohens chain.<ref>{{cite news |url=http://www.jaxdailyrecord.com/showstory.php?Story_id=51299 |title=50 years ago this week |date=November 24, 2008 |newspaper=[[Financial News & Daily Record]]}}</ref>
In 1959, May acquired [[Hecht's|the Hecht Company]] of [[Baltimore]], adding it as a new division.<ref name="autogenerated4" /> In 1965, May acquired [[G. Fox & Co.|G.&nbsp;Fox & Co.]] of [[Hartford, Connecticut]].
In 1966, May acquired the [[Meier & Frank]] chain based in [[Portland, Oregon]], adding it as a new division.<ref name="autogenerated4" /> David's grandson [[Morton May]] became the chairman in 1951 and headed the company for 16 years. Morton May was active in St. Louis civic affairs and was a patron of the [[St. Louis Art Museum]].
In 1968, [[Venture Stores]] was founded when Target co-founder [[John Geisse|John F. Geisse]] went to work for May Department Stores.{{Citation needed|date=March 2020}} Under an antitrust settlement reached with the [[Department of Justice]], May was unable to acquire any more retail chains at the time, and the department store company needed a way to compete against the emerging discount store chains.
In August 1978, May sold the 70-store Consumers chain of catalogue merchants to the Canadian [[Consumers Distributing]].<ref>{{cite news |url=https://news.google.com/newspapers?nid=2194&dat=19811118&id=2a4yAAAAIBAJ&sjid=5-4FAAAAIBAJ&pg=1164,5107737 |newspaper=[[Ottawa Citizen]] |date=18 November 1981 |title=600 to lose jobs as Bay closes Shop-Rite stores |first1=Keri |last1=Sweetman |first2=Denise |last2=Harrington |page=3}}</ref><ref>{{cite news | url=https://www.nytimes.com/1979/03/22/archives/earnings-may-stores-net-up-in-quarter-and-year.html | title=EARNINGS | first=CLARE M. | last=RECKERT | work=[[The New York Times]] | date=March 22, 1979 | url-access=subscription}}</ref> It closed its stores in 1996.<ref>{{cite news|title=Consumers Distributing closes the book on catalogue shopping|url=http://www.cbc.ca/news/canada/edmonton/throwback-thursday-edmonton-stereos-parks-1.4241144|work=[[CBC News]]|date=August 9, 1996|access-date=August 10, 2017}}</ref>
In 1986, May acquired the [[Associated Dry Goods]] holding company and its chains (including [[J. W. Robinson's]] and its [[Robinson's of Florida|Florida division]], [[Loehmann's]], [[Lord & Taylor]], [[Caldor]], [[Joseph Horne Company]], [[The Denver Dry Goods Company]], [[Goldwater's]], [[Hahne and Company]], [[L. S. Ayres]], [[H. & S. Pogue Company]], [[Stewart Dry Goods]], and [[Sibley's]]), the largest-ever retail acquisition in history at that time.<ref>[http://www.macysinc.com/company/his_5.asp The Drive to Differentiate - Macy's, Inc<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20080313040802/http://www.macysinc.com/company/his_5.asp |date=March 13, 2008 }}</ref>
In 1987, May renamed the five-unit May-Cohens as May Florida and sold the ten stores from Robinson’s of Florida to [[Maison Blanche]] so as to give them a foothold in the Floridan market. Stores at [[Tyrone Square Mall|Tyrone Square]], [[Orlando Fashion Square]], [[WestShore Plaza]], [[Altamonte Mall]], [[University Mall (Tampa, Florida)|University Square Mall]], [[Countryside Mall]], [[Crossings at Siesta Key|Southgate Plaza]], [[Edison Mall]], [[Coastland Center]], and [[The Florida Mall]] were included in the deal along with a proposed 11th store at [[Lakeland Square Mall]]. May acquired [[Foley's]] in [[Houston]] and [[Filene's]] in [[Boston]] from [[Federated Department Stores]] whereas May Florida was also acquired by Maison Blanche. As a result, May withdrew from Florida by closing the Gateway location and converting those at Roosevelt Square, [[Regency_Square_Mall_(Jacksonville)|Regency Square]], [[Volusia Mall]], and [[Orange Park Mall]] under the Maison Blanche nameplate. <ref>Foley's INTERVIEW Newsletter, Vol. 19, No. 6 January/February 2006</ref>
In 1993, May Company California and [[J.W. Robinson's]] merged to form [[Robinsons-May]]. In that same year, Filene's absorbed the G. Fox division, Kaufmann's absorbed the May Company Ohio division, and Foley's absorbed the May D&F division.
In 1995, May acquired the [[Wanamaker's|John Wanamaker]] chain based in [[Philadelphia]]. In 1996, May acquires the [[Strawbridge's]] chain based in Philadelphia.<ref name="autogenerated1">[http://www.macysinc.com/company/his_6.asp The Drive to Differentiate - Macy's, Inc<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20080313040807/http://www.macysinc.com/company/his_6.asp |date=March 13, 2008 }}</ref>
In 1998, May acquired [[The Jones Store]] chain based in [[Kansas City, Missouri]].<ref name="autogenerated1" />
In 1999, May acquired [[Zions Cooperative Mercantile Institution]] based in [[Salt Lake City]], folding it into the Meier & Frank subsidiary.<ref name="autogenerated1" />
In 2000, May Department Stores purchases [[David's Bridal]].<ref name="autogenerated32">[http://www.prnewswire.com/news-releases/the-may-department-stores-company-to-acquire-davids-bridal-inc-72175807.html |title=32 The May Department Stores Company to Acquire David's Bridal, Inc. |website= PR Newswire |date= July 3, 2000] {{webarchive |url=https://web.archive.org/web/20161026004151/http://www.prnewswire.com/news-releases/the-may-department-stores-company-to-acquire-davids-bridal-inc-72175807.html |date=October 26, 2016 }}</ref>
In 2001, Meier & Frank absorbed the ZCMI name, entering the Utah marketplace. In that same year, Hecht's acquired five [[Proffitt's]] stores in Nashville TN, entering the Nashville marketplace.
In 2002, Meier & Frank operations consolidated with the Robinsons-May division while Kaufmann's operations consolidated with the Filene's division, yet both retaining the Meier & Frank and Kaufmann's names.
In 2004, May Department Stores took over the [[Marshall Field's]] chain from [[Target Corporation]].<ref name="autogenerated3">[http://www.macysinc.com/company/his_7.asp The Drive to Differentiate - Macy's, Inc.<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20080112091932/http://www.macysinc.com/company/his_7.asp |date=January 12, 2008 }}</ref>
In 2005, May was acquired by Federated Department Stores for $11 billion (~${{Format price|{{Inflation|index=US-GDP|value=11000000000|start_year=2005}}}} in {{Inflation/year|US-GDP}}) in stock, with all former May divisions being folded into Federated's various [[Macy's, Inc.|Macy's branches]].<ref name="autogenerated3" /><ref>{{cite news |url=https://query.nytimes.com/gst/fullpage.html?res=9A06EFD9153DF93BA15751C0A9639C8B63 |title=2 Big Retailers Agree To Merge For $11 Billion |newspaper=[[New York Times]] |date=February 28, 2005 |first1=Andrew Ross |last1=Sorkin |first2=Tracie |last2=Rozhon}}</ref>
In 2006, over 400 former May stores, with their wide variety of long-standing brand names, were consolidated and renamed as Macy's. In addition, Federated sells off three former May chains ([[David's Bridal]], [[Lord & Taylor]] and Priscilla of Boston).<ref name="autogenerated3" />
===Merger of Federated and May===
On February 28, 2005, [[Macy's, Inc|Federated Department Stores]], Inc., announced that they would acquire the May company for $11 billion.<ref>{{Cite news|url=https://www.wsj.com/articles/SB110954537749165299|title=Federated Agrees To Acquire May In $11 Billion Deal|last=Byron|first=Ellen|newspaper=WSJ |date=28 February 2005|access-date=22 August 2018}}</ref> To help finance the May Company deal, Federated agreed to sell its combined proprietary credit card business to [[Citigroup]].<ref>{{Cite news|url=https://www.chicagotribune.com/2005/06/03/department-store-credit-business-sold-to-citigroup/|title=Department store credit business sold to Citigroup|work=tribunedigital-chicagotribune|access-date=2018-08-22|language=en}}</ref> The merger was completed on August 30, 2005<ref>{{Cite news|url=https://www.ftc.gov/news-events/press-releases/2005/08/ftc-issues-statement-closure-federatedmay-investigation|title=FTC Issues Statement on Closure of Federated/May Investigation|date=2005-08-30|work=Federal Trade Commission|access-date=2018-08-22|language=en}}</ref> after an assurance agreement was reached with the State Attorneys General of [[New York State|New York]], [[California]], [[Massachusetts]], [[Maryland]] and [[Pennsylvania]].<ref>{{Cite news|url=https://www.nytimes.com/2005/02/28/business/2-big-retailers-agree-to-merge-for-about-11-billion.html|title=2 Big Retailers Agree to Merge for About $11 Billion|last1=Sorkin|first1=Andrew Ross|date=2005-02-28|work=The New York Times|access-date=2018-12-07|last2=Rozhon|first2=Tracie|language=en-US|issn=0362-4331}}</ref>
By September 2006, all of the May regional nameplates, except for the Lord & Taylor chain, ceased to exist as Federated consolidated its operations under the [[Macy's]] mastheads including the stores most famous names [[Marshall Field's]], [[Filene's]], and [[Kaufmann's]], as well as the last nameplate to still have the May name ([[Robinsons-May]]). All locations that were not sold off were rebranded as Macy's, except for one [[Hecht's]] location in [[Friendship Heights]]. That was rebuilt and rebranded as [[Bloomingdale's]]. In advance of the retail consolidation, May's credit call center in [[Lorain, Ohio]], ceased operations on July 1, 2006. [[Lord & Taylor]], the lone department store division not to be largely converted to the Macy's nameplate, was sold to a group of investors at NRDC Equity Partners, LLC for $1.2 billion (~${{Format price|{{Inflation|index=US-GDP|value=1200000000|start_year=2006}}}} in {{Inflation/year|US-GDP}}) in October 2006.<ref>{{Cite news|url=https://www.reuters.com/article/us-hudsonsbay-lord-taylor-exclusive-idUSKBN1I91RK|title=Exclusive: Hudson's Bay seeks to revive Lord & Taylor's fortunes|date=2018-05-08|work=Reuters|access-date=2019-04-19|language=en}}</ref> David's Bridal and [[MW Tux|After Hours Formalwear]] were sold in November 2006.<ref>{{Cite news|url=https://www.latimes.com/archives/la-xpm-2006-nov-18-fi-bridal18-story.html|title=David's Bridal ties knot in a $750-million deal|date=2006-11-18|work=Los Angeles Times|access-date=2019-04-19|language=en-US|issn=0458-3035}}</ref>
==May Centers==
{{Main|CenterMark Properties}}
Around the beginning of the twentieth century, the May Department Stores Company created a real estate division that handled the purchase of land and the construction of the buildings that would house their new stand-alone department stores. Starting in 1947, when they wanted to open a new store for their May Company California division, May entered the new open-air shopping center development business with the construction of what would later become the [[Baldwin Hills Crenshaw Plaza]] in Los Angeles.<ref name=lat-1992apr23>{{cite news |url=https://www.latimes.com/archives/la-xpm-1992-04-23-mn-1320-story.html |title=David May II; Scion Helped Family Store Chain Grow |newspaper=[[Los Angeles Times]] |date=April 23, 1992 |first=Burt A. |last=Folkart}}</ref> After that time, May became a major shopping center, and later mall developer when they began to develop new malls to house their newly proposed department stores.
During the mid-1980s, the company noticed that their stock was vastly undervalued and therefore was at risk of becoming a hostile takeover target.<ref name=nyt-1984jul20>{{cite news |url=https://www.nytimes.com/1984/07/20/business/market-place-may-stores-as-a-target.html |title=May Stores As A Target |newspaper=[[New York Times]] |date=July 20, 1984 |first=Isadore |last=Barmash}}</ref><ref name=nyt-1985feb02>{{cite news |url=https://www.nytimes.com/1985/02/02/business/company-may-stores-stock-purchased-may-department-stores-company-which-has-been.html |title=May Stores Stock Purchased The May Department Stores Company, which has been a rumored takeover target, said the Crown Books Corporation and certain affiliates had purchased fewer than 1% of May's common shares. James Abrams, vice president for corporate communications, said ''We don't know of any interest by Crown to purchase more of May's shares.'' |newspaper=[[New York Times]] |date=February 2, 1985 |author=<!--Staff writer(s); no by-line.-->}}</ref> May Department Stores needed to re-purchase some of its company's stock to increase the share price. To accomplish this, they needed to obtain cash quickly, which they did by making a deal with [[Prudential Insurance]] in which the insurance company gave May $550 million in exchange for 50% ownership of May Centers.<ref name=lat-1988aug18>{{cite news |url=https://www.latimes.com/archives/la-xpm-1988-08-18-fi-731-story.html |title=$550-Million Deal to Help May Stores Fend Off Takeovers |newspaper=[[Los Angeles Times]] |date=August 18, 1988 |first=Bruce |last=Keppel}}</ref><ref name=lat-1992aug04>{{cite news |url=https://www.latimes.com/archives/la-xpm-1992-08-04-fi-5145-story.html |title=Making Over Topanga Plaza : Retail: The successful Woodland Hills center undergoes a $45-million renovation now rather than suffer a possible dip in sales. |newspaper=[[Los Angeles Times]] |date=August 4, 1992 |first=Patrice |last=Apodaca}}</ref> In 1992, Prudential purchased the rest of May Centers and renamed the company CenterMark.<ref name=lat-1992aug04 /><ref>{{cite news |url=https://news.google.com/newspapers?nid=1893&dat=19920503&id=zsMfAAAAIBAJ&sjid=gNgEAAAAIBAJ&pg=1734,349088 |newspaper=[[Southeast Missourian]] |title=May Centers now called CenterMark |date=May 3, 1992 |page=1D}}</ref>
==References==
{{reflist|30em}}
==External links==
{{Commons category|May Department Store}}
* [https://web.archive.org/web/*/http://www.maycompany.com/ May Company] (Archive)
*{{cite book|title=Baltimore's Bygone Department Stores: Many Happy Returns|url=https://books.google.com/books?id=8I92CQAAQBAJ&pg=PT|year=2012|publisher=The History Press|isbn=978-1-60949-667-8}}
{{MacysInc}}
{{Macy's history}}
{{Marshall Field's history}}
{{Hecht's history}}
{{DEFAULTSORT:May Department Stores Company}}
[[Category:Retail companies established in 1877]]
[[Category:American companies established in 1877]]
[[Category:Clothing retailers of the United States]]
[[Category:Defunct department stores based in Missouri]]
[[Category:Companies based in Colorado]]
[[Category:Lake County, Colorado]]
[[Category:Macy's, Inc.]]
[[Category:Companies based in St. Louis]]
[[Category:Retail companies disestablished in 2005]]
[[Category:Defunct companies based in Missouri]]
[[Category:1877 establishments in Colorado]]
[[Category:May Department Stores]]
[[Category:2005 mergers and acquisitions]]