CDs and DVD boxsets are certainly getting cheaper as bankrupt retailers try to shift stock.

Losses at R. H. Macy & Company narrowed in the first quarter of its 1993 fiscal year, the bankrupt retailer reported yesterday.

R. H. Macy & Company announced yesterday some of its plans to shore up its operations, indicating that the bankrupt retailer will require more time to fix its business than analysts had expected.

Dissident directors of R. H. Macy & Company threatened yesterday to step in with a bid of their own for the bankrupt retailer.

Spiegel Inc., Downers Grove, Il., the bankrupt retailer and publisher of the Spiegel catalog, won court permission to auction its Newport News women's apparel unit.

After months of tense bargaining, Edward S. Finkelstein, former chairman of R. H. Macy & Company, has agreed on a severance package with the bankrupt retailer and its creditors.

The bid competes with one by Bradlees Inc., another discount chain, for the properties of the 64-year-old bankrupt retailer.

R. H. Macy lost $38.9 million in the four weeks that ended on May 30, sending yet another signal that the bankrupt retailer was still unable to stop its continuing losses.

Four of the six strategies, which were presented to creditors last week, go to the heart of the way the bankrupt retailer merchandises and markets itself, indicating that the problems will take more time to fix than analysts had expected.

In the fall of 1990, the Silvers bought the assets of Cutlery World of America Inc., a bankrupt retailer that had 95 stores, mostly in California and Florida shopping malls.