Macy's is clawing back bonuses paid to executives after an accounting error.
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Some Macy's executives have to pay back bonuses as a result of an accounting scandal.
Macy's overstated one of its earnings metrics in 2023, leading to the inflated bonuses.
The executives owe Macy's over $600,000 as a result, the retailer said.
Macy's executives will have to pay back hundreds of thousands of dollars in bonus payments as a result of an accounting scandal, the department store firm said on Tuesday.
The retailer overstated one of its earnings measures by $81 million in 2023, the company said in a filing with the SEC. That metric influenced how much Macy's executives were paid in bonuses the following year.
As a result, some execs will have to pay back a cumulative $609,613 in cash bonuses that the company awarded them through the end of 2024, according to the filing.
The company has already reclaimed some of the bonus payments and had to collect the remaining $352,093 as of April 1, the filing said. Macy's "will seek to recover the remaining amount of the erroneously awarded compensation" from the executives during the company's 2025 fiscal year, the company said in the SEC filing.
A Macy's spokesperson declined to comment in response to questions from Business Insider, including which executives had to pay back bonuses.
Last fall, Macy's delayed its third-quarter earnings report after it said that an employee hid more than $150 million in expenses. The company said at the time that one employee who oversaw expenses for small package delivery was responsible for the incorrect figures.
Accounting experts told BI then that the problem likely wasn't just bad accounting but the failure of multiple internal controls at Macy's.
In December, Macy's corrected some of its past financial figures, according to a filing. The department store chain said that its net income for 2023 was 57% lower than it initially reported, for example.
After being confirmed by the U.S. Senate, President Donald Trump’s new FBI Director Kash Patel is not wasting any time in taking the reins at the country’s top investigative agency, which has been marred by recent scandals and a breakdown in public trust.
Even before being sworn in to begin his 10-year term later this afternoon, Patel will be spending the day meeting with his new staff at the FBI’s J. Edgar Hoover Building.
Patel has previously said that he would shut down the FBI building on day one. Though there is no indication that Patel plans to do that today, he is expected to make some changes. These include moving agents and other employees into the field and working to instill transparency between the agency and the public.
In his first statement to Fox News post-confirmation, Patel said that his mission is clear: "Let good cops be cops—and rebuild trust in the FBI."
Patel was confirmed Thursday afternoon in a narrow 51-49 vote in the Senate. He faced staunch opposition from Democrats who accused him of wanting to reform the FBI for the sake of political interests.
Rank-and-file agents, however, have expressed to Fox that they agree change is needed, but many are waiting to see how far Patel will go.
Among those was when former FBI Director Christopher Wray faced backlash amid the attempted assassination against Trump when he appeared before the House Judiciary Committee and cast doubt on whether the president was struck by a bullet or just shrapnel.
In January 2023, conservative lawmakers slammed an internal FBI memo from the Richmond field office titled "Interest of Racially or Ethnically Motivated Violent Extremists in Radical-Traditionalist Catholic Ideology Almost Certainly Presents New Mitigation Opportunities."
The memo identified "radical-traditionalist Catholic[s]" as potential "racially or ethnically motivated violent extremists" and said that "racially or ethnically motivated violent extremists (RMVEs) in radical-traditionalist Catholic (RTC) ideology almost certainly presents opportunities for threat mitigation through the exploration of new avenues for tripwire and source development."
The DOJ and FBI were also heavily criticized by parents nationwide in 2021 when Attorney General Merrick Garland issued a memo directing the FBI to use counterterrorism tools related to parents speaking out at school board meetings against transgender-related issues and critical race theory curricula.
Speaking at CPAC on Thursday night, Elon Musk said that he is hopeful Patel will get to the bottom of the assassination attempt, earning cheers from the crowd.
After being confirmed, Patel said that the "politicization of our justice system has eroded public trust—but that ends today."
"American people deserve an FBI that is transparent, accountable, and committed to justice," Patel said. "Working alongside the dedicated men and women of the Bureau and our partners, we will rebuild an FBI the American people can be proud of. And to those who seek to harm Americans—consider this your warning. We will hunt you down in every corner of this planet. Mission First. America Always. Let’s get to work."
Disgraced former Rep. Anthony Weiner, D-N.Y., whose once-promising career was seemingly destroyed by sexting scandals, is eyeing a political comeback and exploring a return to New York City Council.
Weiner, 60, who resigned from Congress in 2011 after admitting to sending women explicit photos, has filed to run for a seat on the council where he previously served for six years in the 1990s representing Sheepshead Bay and Brighton Beach in Brooklyn.
Campaign finance records list a campaign committee that was set up on Friday for Weiner called Weiner 25, in addition to listing him as a candidate for a council seat in Lower Manhattan.
In a phone conversation Tuesday with The Associated Press, Weiner said he is "still exploring" whether to actually campaign for the office. He said he opened the committee late last week so he could participate in a forum held by the Downtown Independent Democrats later this week.
He said on his weekly radio show that he hasn’t fully decided on a run just yet and is considering the personal dynamics of a return to politics.
Responding to calls from reporters and listeners to his 77WABC radio program last month, Weiner said he wasn’t done with politics and that people in his neighborhood have approached him about returning to office.
"The way I always unpack these things is ‘What does it mean for me and my neighbors?’ The city has always been the way that I have looked at service. And, you know, we are Democrats. We stand up… for each other… we don't like people being victimized by bullies," Weiner said.
Weiner said New York City should always be the "shining laboratory" of Democratic Party ideals and said that "for years we had Republicans running this town."
From 1994 to 2002, Republican Rudy Giuliani served as mayor. He was succeeded by Democrat-turned-Republican-turned-Independent Michael Bloomberg until 2013.
The City Council, however, has historically been a supermajority of Democrats and currently has just six Republicans compared to 45 Democrats.
Weiner blamed part of the homeless and migrant problem on a 1979 class action suit brought against then-Gov. Hugh L. Carey and Mayor Ed Koch that resulted in the "Callahan Decree" – which instituted a right-to-shelter for homeless men.
He continued through a litany of things he would like to see improved about the city, such as being able to walk into a Duane Reade with his son and not find most of the store's goods locked up.
Weiner was once seen as then-Rep. Chuck Schumer's protégé and had a close relationship with his fellow Brooklynite. When Schumer gave up his House seat and successfully won the Senate seat of retiring Republican Al D'Amato, Weiner replaced him in 1999 and served 12 years before resigning in disgrace after sending lewd photos.
After his resignation, Weiner continued sexting under the pseudonym "Carlos Danger." The main recipient, Sydney Leathers, who was 22 at the time, claimed the former lawmaker referred to himself as "an argumentative, perpetually horny middle-aged man."
He tried to make a comeback in 2013 to run for mayor but was damaged by new revelations of explicit photos Weiner had sent under the pseudonym.
A few years later, in 2016, he was embroiled in another sexting scandal during which he separated from his wife, longtime Hillary Clinton confidante Huma Abedin, who is now engaged to Alex Soros, the son of left-wing billionaire George Soros. In one image Weiner sent, he was lying in bed with his young son.
Later that year, claims surfaced again, this time that Weiner had sexted a 15-year-old girl in North Carolina and his laptop was seized. Investigators found emails pertinent to Clinton's classified documents scandal that preceded her upset loss to President-elect Donald Trump.
Weiner later checked himself into rehab for sex addiction and in 2017 was sentenced to 21 months in his federal sexting case – which imploded his then-bid for mayor. He was released in 2019 and was ordered to register as a sex offender.
