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Macy Narrows Its Loss: R.H. Macy & Co., operating under Chapter 11 bankruptcy since 1992, said its loss for May narrowed on fewer markdowns and better inventory control. Sales declined 4.4%, however, because of bad weather, the company said. The New York-based operator of 124 Macy, Bullock’s and I. Magnin stores said it lost $15.9 million for the four weeks ended May 28, down from a year-earlier loss of $29.7 million. Before reorganization and interest expense, the company posted operating income of $6.4 million, compared to a year-ago operating loss of $7.4 million.