Retailing: Miracle On 34th Street

Miracle On 34th Street

Ordinarily, R.H. Macy's is a place for buyers to shop. But lately, it is Macy's that is on the shopping list of big-time corporate buyers. Faced with debilitating debts, rising defections by suppliers and disappointing holiday sales, the New York City retailer dubbed the world's largest store is on the verge of bankruptcy. Last week, only hours before a deadline to pay some of its creditors, Macy's almost found a savior in the person of billionaire Laurence Tisch, chairman of CBS and a member of the retailer's board. Through his family-controlled Loews Corp., Tisch offered to purchase the store chain and...

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