Reports: 6 Macy's execs get $9 million in bonuses, weeks after announcing job cuts for 3,900 people

Macy's said last month it would cut about 3% of its overall workforce.


Executives at struggling retailer Macy's are getting millions of dollars in extra income.

Bloomberg reported that CEO Jeff Gennette got restricted stock worth $3.7 million on July 9, and he also saw on an to his temporary salary reduction amid the pandemic.

Others are getting bonuses in amounts ranging from $350,000 to $3 million, UPI reported, citing regulatory filings.

Macy's said June 25 it would cut 3,900 back-office and management jobs, about 3% of its overall workforce.

In February, before the virus became a pandemic, Macy's said it would cut 2,000 jobs in its corporate office and close 125 stores.

Previously, the retailer said it plans to emerge from the pandemic as a smaller company and is considering accelerating store closures beyond what it announced.

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The Associated Press contributed to this report.