By and  on April 2, 2009

The recession hit Macy’s Inc.’s credit rating Wednesday, as well as the pay package of chairman, president and chief executive officer Terry Lundgren.

Lundgren’s compensation fell 37.2 percent to $5.4 million last year as the retailer posted a $4.8 billion loss. The loss included a $5.38 billion impairment charge to write off part of the value of the May Department Stores Co. acquisition as Macy’s stock price and market capitalization sank.

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