RETAILING

Final Plans for Macy Ordered: R.H. Macy & Co. bankruptcy mediator Cyrus R. Vance said he authorized Macy, Federated Department Stores and Macy bondholders to submit their “best and final” proposals for Macy’s reorganization by Monday. New York-based Macy last week submitted a reorganization plan valuing the retailer at $3.67 billion, while Federated, seeking to take over Macy, offered a plan valuing it at $3.51 billion. Bondholders have submitted a plan to Vance and are awaiting his approval to make it public, a source close to the negotiations said. Bondholders have said they think the company is worth at least $4 billion. Macy owes creditors about $6 billion.