Macys Execs Pocket As Workers Lose Jobs

02.04.09 | FL News Team

Macy's executives recently gave themselves 1.39 million dollars in performance bonuses, the same day they were laying off seven-thousand workers. The "Cincinnati Enquirer" reports the perk was a final payment on stock credits earned in 2004.  Half the money was paid out last February, and half on Monday.

That also happened to be the day the retailer announced it was cutting dividends to all the other shareholders. Macy's President and CEO Terry Lundgren vowed Monday his company would do all it can to help displaced workers. Meanwhile, his share of the bonus money that day was over 613-thousand dollars.