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Ongoing bid for Macy

  • By Associated Press New York

FEDERATED Department Stores Inc. says it will continue its bid to acquire R.H. Macy & Co. Inc. and negotiate with creditors on a bankruptcy reorganization plan rivaling the retailer's own.

Federated's statement was the company's first public reaction to Friday's decision by United States Bankrupcty Judge Burton Lifland directing Macy alone to file a reorganization plan with the court.

Lifland's order affirmed Macy's exclusive right under law to file a plan by Aug. 1 and put the presentation of Federated's plan on hold at least temporarily.

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