Allied, which had 22 retail subsidiaries before it was acquired by Campeau in December 1986, was cut to only six divisions under the Canadian company.

Many people dealing with Campeau believe its two American retail subsidiaries will find it difficult to avoid filing for bankruptcy protection.

The bid would be made in conjunction with its retail subsidiary, Hess's Inc., a middle-income department store with 76 branches.

As well as the main retail subsidiary, Target Stores, the company owns several other subsidiaries, which include:

The company said it was realigning wholesale operations, retail subsidiaries, field sales and home office support groups.

The company also said the sale of its smaller retail subsidiary, Parfums Stern Inc., had been completed.

Campeau reported greater losses for itself and its two retail subsidiaries in the third quarter ended Oct. 31.

Massachusetts Electric is New England Electric's retail subsidiary in that state.

An increasing proportion of our investment has gone into our retail subsidiaries.

Local retail subsidiaries of foreign banks (Citibank and Shinhan Bank)