Sears, the retailer that recently went bankrupt, has received the approval for making the payment to executives by way of bonuses in the coming months.
As reported by the sources, Hoffman Estates has also been granted the permission to pay $25.3 million to its top level employees in additional compensation. Hoffman Estates is the company behind Kmart and Sears. The retailer argued that this money is necessary for keeping the executives with the company at the time of its restructuring.
Sears will be capable of awarding 19 high level staff members around $8.4 million worth of bonuses as per the plan over the next six months if it meets the specified financial benchmarks. Depending upon its financial performance, it may be able to pay its workers even more than that.
Additionally, the company also has the permission for setting up $16.9 million as retention bonuses for its 315 employees in the senior category. In the first three quarters this year, the retailer lost around $1.9 billion.
Source: Fox Business and Biz Journals
