Business

<< Previous   of   Next >> Associated Press  (click to enlarge) Macy's chairman, president and chief executive officer Terry Lundgren and executive vice president Karen Hoguet answer questions after the company's annual stockholders meeting in Cincinnati, where they told shareholders that FAO Schwarz will open toy stores in close to 700 Macy's department stores over the next two years.   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Saturday, May 17, 2008 Macy's stores will feature FAO Schwarz toys Associated Press CINCINNATI -- FAO Schwarz plans to open toy departments in close to 700 Macy's department stores over the next two years, the companies said Friday. About 75 full-size FAO toy stores will open across the country in the fall, along with about 200 smaller shops that will be up to 300 square feet, the companies said. Macy's shareholders were told of the venture during their annual meeting Friday. Chief Executive Terry Lundgren said that the retailer's financial performance hasn't been what he would like, but that Macy's has outperformed most of its large competitors in terms of same-store sales. FAO Schwarz gave its first Macy's store-within-a-store a trial run in Chicago late last year. There are 685 Macy's-FAO toy stores planned over the next two years. "This is an outstanding partnership that will bring toys back to Macy's in an exciting and unique way," said Lundgren, chairman, president and chief executive officer of Cincinnati-based Macy's. "FAO Schwarz is the world's most famous toy retailer with interesting and distinctive products that appeal to our customers and will drive store traffic, particularly to our children's departments." FAO Schwarz will sell its private-label collection at Macy's stores. The 146-year-old firm continues to independently own and operate its own stores, including a flagship store on New York's Fifth Avenue. Macy's, formerly known as Federated Department Stores, operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. "Our two brands have a combined history of 296 years of bringing joy and retail magic to consumers," said Edward Schmults, chief executive officer of FAO Schwarz. "I am thrilled that, through Macy's, we will be able to offer the FAO Schwarz products to every American family."

1. Emory’s owner fears fire was arson 2. Monroe honking case makes it to state Supreme Court 3. Vatican ponders the souls in space 4. 81 veterans' names, 81 meaningful lives honored in Snohomish 5. Hope dims that Olympics will boost region 6. Student hit in crosswalk to return 7. Smokey Point to celebrate end of roadwork 8. Death on Edmonds waterfront ruled a suicide 9. Help for young moms may continue 10. Semifinal slate sealed on ‘Dancing With Stars’ 2 - Top 10 Stories Most Talked about 3 - Top 10 Stories Most Emailed

• Bazaar Fever • Hawks proud of historic season • Olson always put Edmonds first • Honoring student veterans • ‘Wheedle' author comes to Lynnwood bookshop • Mavs build early lead en route to easy win • Prep football games of the week (state playoffs) • Tears of laughter, tears of grief • Death on Edmonds beach likely a suicide • Boeing will build, flight test and deliver 787s in South Carolina to spe ... • Snohomish County EDC promoting job growth in key industry clusters • $4 million grant to advance brain tumor research has Everett links • Providence medical center construction tops off its 12-story steel frame ... • Tulalip affordable housing project to be financed by KeyBank, Raymond Ja ... • Arlington's Lak of Ink has a growing following for Luke Kooyman's creati ... • Bank of the Northwest formed • Cascade Bank earns $1.6 million