Zale Corp., which has been restructuring itself, announced the sale of its O.G. Wilson catalogue showroom division to a group of investors . . . Standard & Poor's said the debt securities of May Department Stores and Associated Dry Goods remain on the credit rating agency's "creditwatch" list pending final evaluation of the credit implications of their merger agreement . . . Reliance Steel & Aluminum Co. of Los Angeles signed a letter of intent to purchase the fixed assets, inventory and receivables of Lafayette Metal Service Corp., a Long Beach metal service center . . . Reliance Electric Co. said it is seeking a buyer for its North American Transformer unit.