Macy’s executives received $9M in bonuses after thousands of jobs cut

Macy’s executives received $9M in bonuses after thousands of jobs cut
Photo of the now closed Macy's in downtown Seattle taken in November 2019.

Six top executives of Macy’s Inc. were given a total of $9 million in equity awards two weeks after the chain said it would cut thousands of jobs.

The news was first reported by Bloomberg on Thursday morning.

According to a regulatory filing, CEO Jeff Gennette received restrictive received restricted stock worth $3.7 million on July 9.

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The other five executives received awards that ranged from $350,000 to $3 million, according to Bloomberg.

Before coronavirus shutdowns began, Macy’s announced it was shutting down 125 stores nationwide and its national headquarters in Cincinnati.

The downtown Seattle Macy’s closed in February, leaving 230 people out of work.

On June 25, the losses continued when Gennette announced 3,900 job cuts in corporate and management roles.

According to Bloomberg, Macy’s top executives usually receive their annual equity allotments in mid-March, but the board delayed the grants until they were granted last week.

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