I was part of management. I received the emails also. That same day, my store manager called me up and told me my options. I could take the severance package and be done, or I could take a different position, captain, but lower pay. I dont think you can get severance package if you decide to stay and take a demotion. The only other options were basically to try get another position equal to what I had, but others were also going for that position. If I didn't get it, I'm out and no severance package given.
The IMPORTANT thing to remember is this... and I'm only talking in regards to the store level management. Macy's is restructuring and they are eliminating all management positions, and renaming them. As a result, if you are not accepting a severance package or taking an equal position offered, or taking a demotion by choice, then they don't have to compensate you for anything. By restructuring and eliminating, positions, they basically free themselves from lawsuit as long as they don't show bias or anything like that. It's a bad way to let go of people but I've seen worse where companies do that and use it as a way to not pay severance packages. At least Macy's is offering severance when they really don't have to.