Macy's May Lay Off Some Santas

With the right judge, even bankruptcy hearings can be entertaining. At R.H. Macy's hearing on May 19, Judge Burton Lifland extended Macy's exclusive right to file a plan of reorganization until February, 1993. That was fine by Macy's, which says it can't write a reorganization plan until after Christmas. But an attorney for Macy's bondholders objected that "Macy's '92 Christmas season is no guarantee of how they'll do in '93 or '94." Lifland didn't seem too impressed by that line of argument. "They'll always have a Santa Claus," he said. St. Nick may miss a few appearances this year, though. The following day, Macy's said it is closing eight stores.

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