Federated Buries Three Lazarus Stores

The Atlanta-based Rich's/Lazarus/Goldsmith's division of Federated Department Stores (Cincinnati) announced that it would be closing three under-performing Lazarus stores in early 2002.

“The closings,” said the retailer, “are part of a strategic refocus on markets and locations that have higher future growth potential for the company.”

The stores in question are in Washington Square Mall, Indianapolis; Tippecanoe Mall, Lafayette, Ind.; and Colony Square Mall, Zanesville, Ohio.

“It is always a difficult decision to close a store because of the years of history and the deep sense of community and customer involvement that go with it,” said Ron Klein, Rich's/Lazarus/Goldsmith's chairman and ceo . “But in a highly competitive and dynamic business such as retailing, we have to concentrate on servicing our customers in the very best way we can. That means occasionally making tough decisions about how we need to direct our resources and where we need to focus our attention to ensure the best results for the future.”

Lazarus expects to begin liquidating the merchandise in these locations at the beginning of February with the actual store closings slated for early spring 2002. The Rich's/Lazarus/Goldsmith's division currently operates 79 stores in nine states, and had annual sales in 2000 of more than $2.2 billion. (Figures for 2001 are not yet available.)