Report: Macy's Execs Get Bonuses Day After Cutting 7,000 Jobs

From ABC Action News:
http://www.abcactionnews.com/news/local/story/Report-Macys-execs-get-bonuses-day-after-cutting/2GHDKynk50S6_KTMK4gD1A.cspx

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

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.