Sears, which filed for bankruptcy in October, is planning to pay out more than $25 million in bonuses to its top executives.
A federal judge has just signed off on the company's request to pay bonuses to some of its high-ranking employees, reports the Chicago Tribune. Sears Holdings filed for Chapter 11 banruptcy protection in October after reportedly losing nearly $1.9 billion this year.
» BIZ BEAT: SOCHE president to take new job at another higher ed organization
Sears plans to pay $8.4 million to 19 executives if the company is able to reach certain fiscal goals in the first six months of 2019. The retailer could also pay $16.9 million to another group of 315 top employees, the Tribune reports.
Sears has announced round after round of store closures in recent years. More than 228 stores have been slated to close since this summer alone.
The Sears store at the Mall at Fairfield Commons shut its doors for good at 6 p.m. Dec. 9. The Sears stores at the Dayton Mall has already closed and another locaion in Piqua is set to close in February.
» INVESTIGATION: Local hospitals, universities invest millions in off-shore tax havens
Sears’ chairman and former CEO Eddie Lampert has submitted a bid to buy the remaining Sears locations, including one in Springfield.
The $4.6 billion proposal submitted Thursday by Lampert’s hedge fund ESL Investments could save 505 stores Sears Holdings leadership said it hoped a bidder would keep open. The Upper Valley Mall store is the only store in the region expected to remain open.
FIVE FAST READS
• WSU may face more scrutiny despite deal on federal visa investigation
• Heating costs could spike this winter as natural gas prices increase
• EXPERT: Wright-Patterson ‘crucial to avoiding a defeat if there’s a World War III,’
• UD president gets contract renewed for 5 years
• UD, Premier give former fairgrounds new name, redevelopment could start in 3 to 4 years
About the Author