NEW YORK -- Talks between R.H. Macy & Co. and Federated Department Stores continued this week, but Macy's officials said Thursday that no agreement has been reached.

Federated has been pursuing a merger with Macy's since January, and Macy's has consistently rebuffed Federated.

Last week, however, the companies started holding talks, a sign some sources say shows that Macy's position could be softening.

Macy's characterized these meetings as "listening sessions" and noted that the company agreed to hear about Federated's merger plans because it is a "fiduciary responsibility."

This week, sources said, Macy's officials were in Boston talking to Fidelity Investments, a major Macy's secured creditor. Fidelity has reportedly aligned itself with Federated.

Macy's has the exclusive right until Aug. 1 to file a reorganization plan. The company expects to file one on June 30.

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