Macy’s Dismisses Concerns Regarding Finances: The chairman...
From Times Staff and Wire reports
Macy’s Dismisses Concerns Regarding Finances: The chairman of retailing giant R. H. Macy & Co., Edward S. Finkelstein, declared in an open letter that the company has “ample liquidity” and is not in danger of failing. The letter was a response to concerns that the company, which owns California’s Bullock’s and I. Magnin stores, might file for Chapter 11 bankruptcy court protection next year largely because of its $5.6 billion in debt. Finkelstein said the company expects to complete a stock offering this month that will providing more than $100 million in fresh capital that will be used to reduce debt. His letter appeared in the trade newspaper Women’s Wear Daily.
