Fox Business reports that Sears Holding has asked the bankruptcy court overseeing its affairs for permission to pay “millions of dollars in bonuses to 18 company executives despite ongoing bankruptcy proceedings that led to the closures of dozens of store locations.
“The company wants to pay a total of $8.5 million in bonuses to the executives as well as a further $16.9 million in retention bonuses to 322 other high-level employees.”
The company’s CFO and Chief Digital Officer would get bonuses immediately, with the other bonuses paid based on performance.
The story notes that “. Sears filed for Chapter 11 bankruptcy last October and said it would close 142 unprofitable stores as part of the restructuring process. Sears is attempting to sell about 400 of its top-performing stores. An auction of the stores is expected to take place in January.”
“The company wants to pay a total of $8.5 million in bonuses to the executives as well as a further $16.9 million in retention bonuses to 322 other high-level employees.”
The company’s CFO and Chief Digital Officer would get bonuses immediately, with the other bonuses paid based on performance.
The story notes that “. Sears filed for Chapter 11 bankruptcy last October and said it would close 142 unprofitable stores as part of the restructuring process. Sears is attempting to sell about 400 of its top-performing stores. An auction of the stores is expected to take place in January.”
- KC's View:
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There is almost no more predictable story than this one … except the one that eventually will run, after Sears and Kmart have disappeared from the retail landscape, saying that the only person to come out of the experience with more money than he went in is Eddie Lampert, the hedge fund king who has slowly but surely mismanaged the company’s retail holdings.
All these execs still have salaries, and I’ll bet they’re pretty substantial, especially when compared to the poor schmucks still working in the company’s stores. Maybe they could actually earn the money they’re already being paid, and spread a little bonus money around on the front lines, to the people who are suffering the slings and arrows of outrageous fortune.
Geez. I really find these people to be offensive.
