Chapter 11 Won't Affect The Parade, Macy Says
Jan. 28, 1992
NEW YORK (AP) _ Even if you've never been to New York and seen the massive Macy's store on 34th Street, you know the big retailer from its famous Thanksgiving Day parade, a spectacle famous for its huge cartoon character balloons.
R.H. Macy & Co. Inc. filed for Chapter 11 bankruptcy court protection on Monday, but the 134-year-old retailer said today its financial problems would not affect the parade.
''We plan to keep the Macy's parade as well as the other traditions that have made Macy's a national institution for generations,'' said Michael Freitag, an employee of the public relations firm Kekst & Co. who acts as a spokesman for Macy.
Macy said Monday it would conduct business as usual. That includes parade planning, which is part of Macy's promotional activities.
Macy does not shoulder the cost of the parade by itself. It is also financed by fees for television rights and corporate sponsorships.
So the parade, which has been featured in movies including ''Miracle on 34th Street'' and ''Broadway Danny Rose,'' is expected to go on as scheduled Thanksgiving Day.