Macy's is an American department store chain founded in 1858 by Rowland Hussey Macy. It became a division of the Cincinnati-based Federated Department Stores in 1994, through which it is affiliated with the Bloomingdale's department store chain; the holding company was renamed Macy's, Inc. in 2007. As of 2015, Macy's was the largest U.S. department store company by retail sales. As of February 1, 2020, there were 551 stores, including 11 flagships and 385 magnets, for a total of 396 core stores, and 96 neighborhood stores, 49 furniture galleries, 4 furniture clearance centers and 6 freestanding Backstage stores with the Macy's nameplate in operation throughout the United States, Puerto Rico, and Guam. Its flagship store is located at Herald Square in the Manhattan borough of New York City. The company had 130,000 employees and earned annual revenue of $24.8 billion as of 2017.