Retail Industry
Industry: Email Alert RSS FeedMost factors still okay Macy's paper.
Daily News Record, November, 1990
MOST FACTORS STILL OKAY MACY'S PAPER
NEW YORK (FNS) -- Most major factors are continuing to okay shipments to R.H. Macy Co., according to a survey Wednesday, despite public disclosure that BancBoston Financial had withdrawn credit approval for after the Christmas season.
In a memo to clients dated Oct. 19, BancBoston said it would not okay credit for shipments due for payment after Dec. 10. The memo, signed by Stephen Davis, director of retail factoring, also said that the factor might resume credit approval after Jan. 30.
Davis was not available Wednesday and a BancBoston spokeswoman said that the company had no comment to make. Myron Ullman, chief financial officer for Macy's, commented that the BancBoston action was "illogical" because the...
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