By Maria Hickey, KWMU
St. Louis, MO. – St. Louis Mayor Francis Slay says the buy-out of May Company is not good for the city.
Federated confirmed Monday that it was buying the St. Louis-based retailer for $11 billion.
The deal is likely to mean layoffs for some of May's 6,000 employees in the area.
Slay, speaking on KWMU's St. Louis On the Air, says Federated officials have told him St. Louis will be an operations headquarters.
"It's obviously going to impact downtown and impact the region in general. What we need to do is make sure we do everything we can as city and as a region to minimize that impact," Slay said.
Slay says company officials did not tell him what will happen with May's downtown headquarters or how many employees will be laid off.