March 18, 1992 |
R. H. Macy & Co. Inc. reported a $671.6-million second-quarter loss Tuesday, reflecting the famous retailer's dismal Christmas and the disruptive uncertainty that helped push it into bankruptcy court. The privately held department store company said sales in the quarter ending Feb. 1 fell 6.4% to $2.05 billion from $2.2 billion in the same period a year earlier. That left debt-burdened Macy's without enough money to pay suppliers.
March 6, 1992 |
Launching its first major retrenchment since seeking bankruptcy court protection, R. H. Macy & Co. announced Thursday that it will close nearly 60 stores, including three I. Magnin locations in California. Separately, in a sign of a possible power struggle at Macy's, Chairman Edward S. Finkelstein denied a report that Vice Chairman Myron Ullman III had been designated to succeed him.
June 4, 1991 |
California business groups, worried about the possibility of being walloped with an estimated $6 billion in new property taxes, expressed dismay Monday at the U.S. Supreme Court's decision to consider a challenge to the state's Proposition 13 initiative. Officials at the California Chamber of Commerce and other business development organizations predicted gloomy consequences if the high court eventually throws out all or part of the tax initiative.