RETAILING
From Times Staff and Wire Reports
Macy’s Chief Says Company Is Not for Sale: In videotaped remarks, R.H. Macy Chairman Myron Ullman said the department store has its “own game plan (and) is not for sale,”--a direct rebuff of overtures from Federated Department Stores. Federated bought $449.3 million of Macy debt, saying it was looking to combine the two retailers. Since then, other companies have contacted Macy, which has been in bankruptcy for two years. Ullman said Macy would resist efforts by others to develop a plan of reorganization.
