Macy's is "financially healthy," CEO says

07/15/2008 | Wall Street Journal, The

In response to worries about the stability of his company, Macy's chief executive Terry Lundgren wrote a letter to management Friday saying the store is "financially healthy" and beating out rivals. Department stores have taken a beating from the economic downturn, with shoppers seeking deals at discounters such as Wal-Mart.

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