BOSTON – Filene’s Department Store, which has existed in the Downtown Crossing in Boston shopping district since 1890, will be renamed to just another Macy’s by the new owners, Federated Department Stores. The original Filene’s store was what gave one of the U.S. credit union founding father’s the wherewithal to help develop the credit union movement. Edward Filene, a man ahead of his time in terms of social development, was also one of the first employers to offer such advancements as sick leave, paid vacations, and reasonable working hours. Although the exact figures have not been known, it is estimated about 1,200 people will lose their jobs. The moves are being planned as Federated completes its merger with May’s Department Stores. There are 950 Filene’s stores employing 13,477 people which have about $2 billion in sales. Besides developing the credit union concept, pro-labor policies, Edward Filene, developed the basement store, where people of less affluent means could buy goods that hadn’t sold upstairs at the lowest possible prices. What Edward Filene would think of the move, can only be guessed.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.