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Report: Macy's execs get bonuses day after cutting 7,000 jobs


Last Update: 2/04/2009 7:32 am
NEW YORK, NY -- Macy's Inc. announced Monday that it would cut 7,000 jobs, almost 4 percent of its work force, and reduced its contributions to its employees' retirement funds and slash its dividend to preserve cash amid a severe pullback in consumer spending.

But a day after Macy’s executives announced the lay-offs, Cincinnati.com reports that top company officials received a final installment on $1.39 million in performance bonuses from 2004.

According to Cincinnati.com:

"The stock credit plan created in March 2004 brought five top executives “phantom stock units” or stock credits after a three-year holding period ended on Saturday, according to a Securities and Exchange Commission filing on Tuesday.


Half of the incentive was paid in February 2008 with the remaining amount paid Monday."


Department stores have been especially hard-hit by the poor economy as shoppers cut spending and turn to discount stores. Last month, Fresno, Calif.-based department store chain Gottschalks Inc. put itself up for sale and said it had filed to reorganize in a Chapter 11 bankruptcy. Dallas-based Neiman Marcus Group Inc. said this month that it was cutting about 375 jobs, or 3 percent of its work force.

Portions of this article were provided by the Associated Press
Featured Comments
EdRingwald - 2/3/2009 6:59 PM
What? Macy's top executives getting lavish bonuses while cutting 7,000 jobs? This sounds like corporate greed to me. There are people that are out of work at an alarming rate and the rich are getting richer while the poor are getting poorer. Besides, there are people out there who are unemployed or working but not making enough and have to survive on food stamps.
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