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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBankrupt Nieman Marcus seeks bonuses for top execs
Neiman Marcus is asking a federal bankruptcy court in Texas to allow almost $10 million in pay raises for CEO Geoffroy van Raemdonck and seven other executives as the company goes through debt restructuring.
The proposed compensation plan covers staff who are "critical to day-to-day operations" and Neiman Marcus' financial success during the bankruptcy process, according to a court filing.
Neiman Marcus filed for bankruptcy protection in May after the coronavirus closed its stores. The Dallas-based clothing and department store famous for its over-the-top holiday catalog offerings was already preparing for a court-led reorganization of its $5 billion of debt.
As part of the bankruptcy filing, Neiman Marcus said it has secured $675 million in financing from a majority of creditors to keep operating during the restructuring. Those creditors now hold over two-thirds of the company's debt.
https://www.msn.com/en-us/money/companies/bankrupt-nieman-marcus-seeks-bonuses-for-top-execs/ar-BB16Sy64?li=BBnbfcN&ocid=DELLDHP
Only in America can managers get a bonus for fucking up.
TexasTowelie
(112,422 posts)retention bonuses or those people would move on to other employment. Considering that the entire retail sector is in deep sh*t there aren't any jobs for those people to find; therefore, the thought that those people should be paid retention bonuses is ridiculous. They should be grateful that they are still employed.
Phoenix61
(17,019 posts)Response to Yo_Mama_Been_Loggin (Original post)
morillon This message was self-deleted by its author.