Macy's (originally R. H. Macy & Co.) 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 May 2, 2020, there were 552 stores (614 boxes), including 11 flagships (16 boxes) and 384 magnets (430 boxes), for a total of 395 core stores (446 boxes), and 97 neighborhood stores (103 boxes, for a total of 550 full line stores), 50 furniture galleries (55 boxes), 3 furniture clearance centers, 6 freestanding Backstage stores and 1 Market by Macy's with the Macy's nameplate in operation throughout the United States. 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.