January 29, 1992 |
The still unanswered question, after thousands of words have been expended on Macy's filing for bankruptcy protection, is: Where did all the money go? Macy's public stock was bought in a 1986 leveraged buyout for $3.5 billion. Chairman Edward S. Finkelstein has boasted of increasing sales since the buyout to almost $7 billion. Yet the company cannot pay suppliers, and employees fear for their jobs.