The buy-out offer for Macy may be reduced.

R. H. Macy & Co.’s top management, apparently having trouble raising the financing for its $3.58-billion offer to take the company private, is considering cutting its $70-a-share bid by $1 to $4 a share, according to a report published in the Wall Street Journal. Such a cut would reduce the cost of acquiring the nation’s 10th-largest retailer by $51.5 million to $206 million. However, Donald Eugene, senior vice president for Macy, said: “As far as I know, there has been no change in what we reported. I don’t know anything about where this story came from.”