Sears top employees to get $25.3 million in bonuses
A U.S. Bankruptcy Court judge signed off Friday on Sears’ request to pay up to $25.3 million in bonuses to top executives and other high-ranking employees even as the company reported losing nearly $1.9 billion in the first three quarters this year.
The retailer also got permission to set aside up to $16.9 million in bonuses for a separate group of 315 senior employees. Each could receive a cash award equivalent to 30 to 40 percent of his or her salary, split into quarterly payments over the next year.
Since filing for bankruptcy, the company already raised base salaries for certain executives, including three tapped to form the Office of the Chief Executive after former CEO Edward Lampert stepped down.
Just one day prior, Sears reported racking up nearly $1.9 billion in losses during the nine months ending Nov. 3. More than half of those losses came during the final three months, during which Sears filed for bankruptcy protection, according to a quarterly financial report filed Thursday.
https://www.post-gazette.com/business/money/2018/12/15/Sears-gets-Bankruptcy-Court-approval-for-up-to-25-3-million-in-bonuses-to-top-employees/stories/201812150027
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