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Campeau Corp., the financially distressed retail and real estate company, Wednesday reported a loss of $1.7 billion for 1989, only a day after its two U.S. retail units -- Federated Department Stores Inc. and Allied Stores Corp. -- chalked up slightly better-than-expected first-quarter results.

The lion's share of the loss came from $1.6 billion in one-time charges, linked mainly to the problems of Campeau's retailing subsidiaries, which are in bankruptcy protection.

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