Acquisition By May Department Stores
ADG was acquired by the May Department Stores Company in October 1986 as part of a US$2.2 billion merger. At the time, it was considered to have been the most expensive purchase/merger in retail history. After 1986, May converted or merged most of the former ADG department stores into its own divisions with the exception of the upscale Lord & Taylor, which was a long-time fashion leader and considered the “crown jewel” of Associated. When the May Company acquired ADG in 1986, it was assumed that May bought ADG just for the upscale Lord & Taylor division.
During the final year of retail operation, ADG operated over 155 department stores, in addition to Caldor (a northeast upscale discount chain), and Loehmann's, (a specialty off price retailer).
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