OTHER NEWS - Jan. 24, 1992
From Times Staff and Wire Reports
Tisch Reportedly Interested in Buying Macy: R.H. Macy & Co. may have a last-minute solution to its financial woes. CBS Chairman Laurence A. Tisch, a Macy’s director and shareholder, is said to be ready to invest about $1 billion to buy as much as a 90% stake in the ailing retailer, according to reports circulating in New York. Tisch’s plan, which is awaiting approval by Macy’s directors, calls for the retailer to file for bankruptcy and eliminate a sizable portion of the nearly $3.5 billion in debt that has hampered its operations. Neither Macy’s nor Tisch would confirm the reports.
