11:08 AM EDT, 04/02/2025 (MT Newswires) -- Macy's (M) said it's recovering more than $600,000 in cash bonuses "erroneously awarded" to its senior executives following an accounting issue, according to a regulatory filing Tuesday.

The company said in the filing that the executives' bonuses were linked to the 2023 adjusted EBITDA that was overstated by about $81.1 million.

Bonuses to executives under the company's 2023 annual incentive plan should have been $3,541,659 and not $4,151,272 million due to the erroneously awarded compensation of $609,613, Macy's said.

As of April 1, the company said $352,093 remained outstanding and that it will seek to recover the amount during fiscal 2025.

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