NEW YORK (CNNMoney) — Toys "R" Us has asked the bankruptcy court for permission to pay $16 million in bonuses to its top executives if the company is able to hit some financial targets during the upcoming holiday shopping season.
Toys "R" Us filed for bankruptcy in September, and now must get court approval for many of its basic business decisions. The court will have the final say on its incentive plan.
In the filing made with the court Wednesday the company argues the bonuses are necessary to get executives to perform at a high level during its bankruptcy.
"It is the [company's] employees — and more particularly the senior management team — that must execute at this critical juncture and provide the foundation for a successful turnaround," it said in the filing.
Among the 17 executives who would get payments is chairman and CEO David Brandon, who joined the company in 2015.
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11 comments:
This has happened for years, unfortunately, even localy....bankrupt but fill my pockets first...my father was a wise man!
FIGURES !!! Only in the USA !!
They Don't deserve ANY $$$$ & should be FIRED !!!
Investigated too !!!
Dam boys need to be on the team, buckle down and make this year a jump year to save the company, or take those bonuses and run like heck.
Sounds like they want to do the latter.
BYE!! Socialist Canada will take you.
Sounds like local people. “Teach Them How To Fish” seminars on how to manage money yet the teachers file bankruptcy. Wonder how many clients know that
The very same people this new tax bill will benefit more than we the average Americans
Sounds like the postal service. They've been doing this for 30 years. Congress bails them our and they give out 200-300 million in bonuses to upper management
No way should they get any bonus at all. Those executives caused the bankruptcy, so they should suffer the consequences.
So, the same idiots that ran it into bankruptcy are going to get rewarded for screwing their suppliers and vendors to bring it out of bankruptcy? Makes perfect sense. I am sure they already make way too much.
I am sure some stupid liberal judge will let it fly.
Pay them off with stock in Circuit City and Radio Shack.
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