Federated Department Stores Inc and Allied Stores currently wholly owned by Robert Campeau said they have entered into a definitive stock purchase agreement for the sale of Allieds Blocks Inc unit to Federated for 55 mln dlrs cash. The price is subject to certain cloising adjustments the companies said. Allied said it is selling Blocks which operates 10 department stores under that name in Indiana and Ohio and two Michigan stores under the Herpolsheimers name under its previously announced restructuring program. The transaction is expected to close in June of this year when the twelve Blocks stores will be operated as an entity of Federateds Cincinnati-based Lazarus Department store division the companies said. The companies added that the deal is subject to customary closing conditions including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act.
FEDERATED <FDS> TO BUY <ALLIED STORES CORP> UNIT