Sears seeks approval to give top execs ‘millions’ in bonuses
Despite filing for bankruptcy and struggling to stay afloat, Sears Holdings Corp. is seeking court approval to pay executives quarterly bonuses.
The struggling department store retailer is seeking approval to pay executives as much as $19 million in quarterly bonuses. Three top executives could get nearly $1 million each if the company goes out of business. If Sears remains in business, they could get nearly $500,000 each for hitting the top performance targets, according to CNN.com.
Sears filed two different types of bonus plans in bankruptcy court on Thursday. A judge's approval is needed before the bonuses could be paid, the report revealed.
A hearing on the plans is set for Dec. 20, according to CNN.com.