Macy’s Chief Tells of Rejecting Offers of Advice

Myron Ullman, chairman of R.H. Macy & Co., told some of the company’s unsecured creditors Thursday that other retailers have offered Macy advice on how to develop a reorganization plan to emerge from Chapter 11 bankruptcy protection, sources said.

Ullman made his comments during regularly scheduled discussions about the status of the company’s reorganization efforts, sources said. There was heightened interest in the discussions in the wake of Federated Department Stores’ announced interested in a merger with Macy.

Sources said Ullman told unsecured creditors that offers of assistance recently came from St. Louis-based May Department Stores, Little Rock-based Dillard Department Stores and Minneapolis-based Dayton Hudson Corp. Ullman did not accept the offers because the company wants to develop a plan on its own, one source said.

May and Dillard could not be reached for immediate comment. Dayton Hudson called the reports “pure speculation” and declined to comment. If Macy rejects a Federated offer, Federated--one of Macy’s secured creditors--could seek the support of other creditors for such a merger.