Federated to Close Macy's Close-Out Stores: The Cincinnati-based company said it is closing Macy's Close-Out operations by the beginning of next year. In a statement, Federated Department Stores Inc., which is one of the nation's largest retail chains, said at least four of Macy's Close-Out's 14 stores are expected to close by July 29. The remainder will close as of Jan. 1, 1996. Federated said the stores' estimated 600 employees were notified of the closing earlier. As a result of the closings, Federated expects to take a charge of $15 million to $25 million in the second quarter, mostly for severance and lease-termination costs, the company said.