May Department Stores, based in St. Louis, has announced it will pay $3.24-Billion for the Marshall Field’s department store chain. May outbid rival Federated Department Stores for the chain, which includes some Mervyn’s stores. May persued the purchased beginning in March when Target announced it wanted to see its department store division. Marshall Field’s has 62 stores with its flagship based in Chicago. May Department Stores operates chains such as Lord & Taylor and Famous-Barr.
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