Macy's is an American 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 October 31, 2021, there were 516 stores, including 11 flagships and 384 magnets, for a total of 395 core stores, and 57 neighborhood stores, 47 furniture galleries, 2 furniture clearance centers, 8 freestanding Backstage stores, 5 Market by Macy's and 2 stores converted to fulfillment centers 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.