Macy's Is Back In The Basement
R.H. Macy reported yet another skein of bad news. The retailer, which filed for bankruptcy protection in January, announced a $10 million operating loss for the four weeks ended Aug. 29. Sales at its stores open a year or more fell 10.1% for the same period. On the news, the price of Macy's 14.5% junk bonds fell 17%, to 18 on the dollar.
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