The board of R. H. Macy &...

The board of R. H. Macy & Co., which has agreed to buy Bullock’s, Bullocks Wilshire and I. Magnin, met and approved a “broad outline of a plan of reorganization,” according to a spokesman. An overhaul of the companies is anticipated after the $1.1-billion purchase is completed, possibly as early as April 28. Industry sources have speculated that divisions could be consolidated and employees laid off as Macy’s absorbs its new California properties. Macy’s won the right to buy the chains after Campeau Corp. of Toronto succeeded in its effort to buy their parent company, Federated Department Stores.