Exhibit 10(e)

                             JACOBSON STORES INC.
                          DEFERRED COMPENSATION PLAN
              (Amended and Restated effective January 28, 1999)


ARTICLE I

Purpose

   1.1     The purpose of this Deferred Compensation Plan is to extend to key
           executives of Jacobson Stores Inc. a vehicle under which they may
           elect in advance to defer and invest future earnings in order to
           provide a source of funds at retirement.


ARTICLE II

Definitions

Unless the context otherwise requires, the following terms shall have the
meanings listed below:

   2.1     Account - The separate deferred compensation account established
           and maintained for each Participant.

   2.2     Aggregate Value of the Account - Determined by the amount of
           compensation that the Participant elects to defer plus the value
           added from interest as more fully set forth in Article III hereof.

   2.3     Allocation of Deferred Income - Deferred compensation will be
           credited to the Participant's Account as of the date such
           compensation would otherwise have been payable.

   2.4     Board of Directors - The Board of Directors of the Corporation.

   2.5     Corporation - Jacobson Stores Inc., a Michigan corporation.

   2.6     Deferred Income - That portion of a Participant's income payable
           as a monthly base salary or any merit bonus awarded or any fees
           earned with respect to any Earning Period, the payment of which
           Participant has elected to defer under the Plan.

   2.7     Earning Period - Each twelve (12) month period commencing May 1.

   2.8     Eligible Participant - Any Director, Officer or other Employee
           designated by the Board of Directors as being eligible to be a
           Participant in the Plan.

   2.9     Employee - Any person who is receiving remuneration for personal
           services rendered to the Corporation or a subsidiary as an
           employee hereof.

2.10       Effective Date - The effective date of the Plan is September 1,
           1990.





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   2.11    Merit Bonus - Additional compensation awarded, with respect to an
           Earning Period, to an Eligible Participant in the form of an
           executive bonus which is declared by the Board of Directors to be
           a Merit Bonus for the purposes of the Plan.

   2.12    Participant - Any Eligible Participant who elects to participate
           in the Plan in respect of any Earning Period and receives
           compensation eligible to be Deferred Income with respect to such
           Earning Period.

   2.13    Plan - Jacobson Stores Inc. Deferred Compensation Plan, as amended
           from time to time.

   2.14    Subsidiary - Any corporation or association in which 50% or more
           of the outstanding voting stock of such corporation or association
           is owned, either directly or indirectly, by Jacobson Stores Inc.


ARTICLE III

Account Growth

   3.1     Interest Bearing Account - The deferred compensation for a
           particular year will be treated as a cash Account with interest
           compounded annually and accrued at a rate to be determined from
           time to time by the Compensation Committee of the Board of
           Directors.


ARTICLE IV

Distribution of Account

   4.1     Time of Distribution - The Aggregate Value shall be distributed to
           a Participant within ninety (90) days after the earliest of the
           following events:

           1.   resignation or termination of employment with or service to
                  the Corporation or any Subsidiary;
           2.   permanent incapacity, established to the reasonable
                  satisfaction of the Committee referred to in Article VI
                  hereof;
           3.   death; or
           4.   retirement.

   4.2     Resignation or Termination for Reasons Other Than Death, Permanent
           Incapacity or Retirement - Participants who resign or terminate
           employment or service for reasons other than death, permanent
           incapacity or retirement will receive payment of the Aggregate
           Value of the Account in the form of a lump-sum payment.

   4.3     Distribution in the Event of Retirement - Participants who retire
           while employed by or in service to Jacobson Stores Inc. or any
           Subsidiary shall receive payment of their Aggregate Value of the
           Account in the form of a lump-sum payment or, at the option of the
           Corporation, in equal monthly or other regular intervals, as
           adjusted for periodic changes in the applicable interest rate,
           over a period of time, not to exceed ten (10) years, commencing
           ninety (90) days following the Participant's termination of
           employment.




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   4.4     Distribution in the Event of Permanent Incapacity or Death - In
           the event of a Participant's permanent incapacity or death before
           the Participant has received any or all of the deferred payments
           to which the Participant is entitled, the remaining Aggregate
           Value of the Recipient's Account will be paid in the form of a
           lump-sum payment.

   4.5     All such payments will be made to Participant while living and, in
           the event of Participant's death, in accordance with Participant's
           written election.


ARTICLE V

Election to Defer Compensation

   5.1     Number of Elections - There may be only one election for each
           Earning Period.

   5.2     Revocability of Election - Once an election is made in writing for
           a particular Earning Period, the election cannot be revoked or
           changed.

   5.3     Time of Election - The election for each Earning Period must be
           made on or before May 1 of the applicable Earning Period.

   5.4     Manner of Election - A Participant may elect to defer compensation
           by giving written notice to the Plan administrator on a form
           provided by the Corporation. The Participant will be required to
           provide the following information:

           1.   amount to be deferred; and
           2.   the beneficiary or beneficiaries in the event of the
                  Participant's death.


ARTICLE VI

Administration and Amendment of Plan

   6.1     Administration - The Plan shall be administered by the
           Compensation Committee of the Board of Directors or other
           committee designated or administrator appointed for such purpose
           by the Board of Directors (the "Committee"). The Committee shall
           have plenary authority to interpret the Plan, to decide all
           questions of fact arising under the Plan, to formulate rules and
           regulations covering the operation of the Plan, and to make all
           other determinations necessary or desirable in the administration
           of the Plan. The decision of the Committee on any questions
           concerning or involved in the interpretation or administration of
           the Plan shall be final and conclusive.

   6.2     Maintenance of Account - The maintenance of each Account will be
           the responsibility of the Chief Financial Officer. A statement
           will be sent to each Participant advising them of the Aggregate
           Value as of the end of each fiscal year.

   6.3     Amendment of Plan - The Plan may at any time be amended, modified
           or terminated by the Committee. No amendment, modification or
           termination shall, without the consent of the Participant,
           adversely affect the accruals in the Participant's account.




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ARTICLE VII

Miscellaneous

   7.1     Assignability - Neither Participant, Participant's estate, nor any
           beneficiary shall have any power to assign or encumber the right
           to receive payments under the Plan, and any attempted assignment
           or encumbrance thereof shall be null and void.

   7.2     Participant's Interest in Undistributed Aggregate Value - The
           right of any Participant to receive future installments under the
           provisions of the Plan will be an unsecured claim against the
           general assets of the Corporation. The Corporation's promise to
           pay the Aggregate Value of the Account will be a contractual
           obligation that is not evidenced by notes or secured in any way.

























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