NEW YORK -- The deadline to file the outline of a reorganization plan in the R.H. Macy & Co. Chapter 11 case will be extended to March 23, according to sources close to the bankruptcy case.

The new date stems from an agreement between Macy's and Simpson, Thacher & Bartlett, the law firm of Cyrus R. Vance -- the court-appointed mediator.

Meanwhile, Macy's received bankruptcy court approval Monday to sell the landmark Bullocks Wilshire building in Los Angeles to the Southwestern School of Law for $4.8 million.

The plan outlines are currently due on March 8, but the sides had expressed concern that the time frame was not sufficient. The mediator has the option of asking other parties -- such as Federated Department Stores -- to offer their outlines.

Macy's declined comment, and attorneys from Simpson, Thacher could not be reached Monday.

Bankruptcy Judge Burton R. Lifland named Vance -- a former Secretary of State -- last week to help form a reorganization plan that would allow Macy's to emerge from Chapter 11 by the end of the year. The retailer entered bankruptcy proceedings on Jan. 27, 1992.

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