RETAIL

Court OKs Carter Hawley Hale Reorganization Plan: U.S. Bankruptcy Judge Barry Russell approved a reorganization plan for Carter Hawley Hale Stores Inc. that gives control of the retailer to the Chicago-based Zell/Chilmark Fund. The plan, approved by creditors and shareholders last week, clears the way for Carter Hawley Hale to emerge from bankruptcy next month. The retailer filed for Chapter 11 protection in February, 1991. The reorganization plan swaps the company’s $600-million debt for about $350 million in equity. Under it, each creditor will receive 46 cents on the dollar in common stock. Shareholders will receive 0.081 shares of new common stock and 0.084 warrants for each share held.