Despite the financial condition of Neiman Marcus, it still wants to give pay raises to executives.
“Neiman Marcus is asking the bankruptcy court to give raises to chief executive officer Geoffroy van Raemdonck, seven additional executives who make up the C-suite and as many as 239 key employees.
The proposed retention and performance-based compensation plan covers staff who are ‘critical to day-to-day operations,’ the company’s financial performance and the success of its restructuring in bankruptcy, according to a court filing.
Maximum compensation for van Raemdonck and seven others would reach $9.95 million if the company’s reorganization plan is confirmed by Sept. 15 and drops to $2.49 million if the plan is confirmed on Nov. 15. Most of that additional compensation would go to van Raemdonck, who would receive a minimum award of $1.5 million and a maximum of $6 million.
Neiman Marcus filed for bankruptcy protection in May after the coronavirus closed its stores and as it was already preparing for a court-led reorganization of its $5 billion of debt that credit markets considered unsustainable.”
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