September 15, 1992 |
R. H. Macy & Co. on Monday named Joseph Cicio chairman and chief executive of I. Magnin, its specialty retail division, in a move that some analysts say could signal a sale of the upscale West Coast chain. Cicio will replace Rose Marie Bravo, who is becoming president of Saks Fifth Avenue. Bravo's departure is the latest in an executive exodus that has plagued Macy's since it filed for bankruptcy protection in January.
June 17, 1992 |
R. H. Macy & Co. reported a $225.9-million third-quarter loss Tuesday, a reflection of disruptions associated with the famous retailer's recent Chapter 11 petition for financial reorganization and the weak economic conditions in California and the Northeast. Macy's, which filed for bankruptcy protection Jan. 27, said it had net sales of $1.305 billion for the quarter ended May 2--a decrease of 5.8% from the $1.385 billion reported in the same period of fiscal 1991.
May 21, 1992 |
In an attempt to stem its mounting losses, R. H. Macy & Co. said Wednesday that it will close seven poorly performing Macy's department stores, most of them on the East Coast, and the Bullock's in La Habra. The closings, to be completed by Aug. 1, will result in the layoff or reassignment of 1,850 workers and change the face of some communities in which the stores are important retail assets.
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.