April 27, 1993 |
R.H. Macy & Co. said Monday that it will eliminate about 300 support service jobs at its regional office in Los Angeles on Aug. 1 and transfer those operations to Phoenix. The move will affect about half of those employed at the regional office--located at 800 S. Hope St. Macy, which has been reorganizing under Chapter 11 bankruptcy protection since January, 1992, has been looking for ways to lower operating costs and searching for means of generating new income.
April 15, 1993 |
Reversing a decision announced in early March, R.H. Macy & Co. on Wednesday said that it has canceled plans to close its Bullock's store at Citicorp Plaza, a downtown Los Angeles fixture that was to be shut down later this month.
January 9, 1993 |
Daniel Finkelstein has resigned as chairman and chief executive of Macy's West, the San Francisco-based division of retailing giant R.H. Macy & Co. The announcement of Finkelstein's departure comes eight months after his father, Edward Finkelstein, stepped down as chairman and chief executive of the debt-plagued parent company. Daniel Finkelstein, 38, was replaced on an interim basis by Macy's West President Rudolph Borneo. Finkelstein held the posts since 1989.
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.