Court Says Yes To $25.3 Million In Bonuses For Executives Of Bankrupt Sears

While employees report not receiving severance payments, executives of Sears have been given the green light for millions in bonuses.

CBS Chicago reports:

“So far this year, Sears has filed for bankruptcy protection, reported $2 billion dollars in losses, and is closing more than 180 stores, in addition to laying off hundreds of workers.

But . . . a bankruptcy judge approved Sears’ plan to give millions in bonuses to the company’s top-ranking employees.

The Chicago Tribune reports that a U.S. bankruptcy judge approved Sears’ $25.3 million dollar bonus request.

$8 million would be split among 18 key executives, and another $16 million would be split among 322 other high-ranking employees to stay put while Sears restructures and tries to stay afloat.”

For the rest of the story, visit CBS Chicago here.

You may also like:

Join our mailing list for the latest union news!

Leave a Reply