Sears gets approval for exec bonuses; reports $1.9 billion loss
The top executives and other highly-placed employees at Sears Holdings Corp. will be rewarded for staying with the embattled retailer.
A U.S. Bankruptcy Court judge on Friday approved Sears’ request to pay up to $25.3 million in bonuses to top executives and other high-ranking employees, the Chicago Tribune reported. The approval came one day after Sears revealed in a quarterly financial report that it had nearly $1.9 billion in losses during the nine months ending Nov. 3, with more than half of the losses coming since Sears filed for bankruptcy in October.
In court filings last month, Sears had said it needed to be able to offer the extra cash to encourage the employees to remain as the company attempts to restructure. In a more recent filing, Sears said it has already “suffered significant employee attrition” in the past month, including the departure of the COO of its Sears Home Services business, according to the Chicago Tribune.
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A U.S. Bankruptcy Court judge on Friday approved Sears’ request to pay up to $25.3 million in bonuses to top executives and other high-ranking employees, the Chicago Tribune reported. The approval came one day after Sears revealed in a quarterly financial report that it had nearly $1.9 billion in losses during the nine months ending Nov. 3, with more than half of the losses coming since Sears filed for bankruptcy in October.
In court filings last month, Sears had said it needed to be able to offer the extra cash to encourage the employees to remain as the company attempts to restructure. In a more recent filing, Sears said it has already “suffered significant employee attrition” in the past month, including the departure of the COO of its Sears Home Services business, according to the Chicago Tribune.
To read more, click here.