RETAILING

Bankruptcy Court OKs Federated-Macy Merger: The court in New York approved an agreement under which Federated Department Stores Inc. and R. H. Macy & Co. would merge in December, when Macy emerges from bankruptcy status. The combination would be the largest U.S. department store company, with 343 stores and annual sales estimated at $13.5 billion. A bankruptcy court hearing on a joint reorganization plan, calling for Federated to pay more than $4 billion in claims against Macy, is set for Sept. 29.