Borders execs to get big bonuses after laying off 6,000

[Amerigo Vespucci]

Source: The Raw Story

Bookseller Borders Group Inc. (BGP) wants to give their executives up to $8.3 million at a time the company is in bankruptcy and laying off 6,000 employees.

In documents filed in court late last month, the book chain said that it was losing about five executives per week.

Under the plan, CEO Bennett LeBow would get as much as $1.7 million. The executive vice president would receive $1.1 million, while the vice president for human resources would $374,000. The corporation would pay out another $2.4 million in other bonuses and $1.2 million in various payments to other executives.

"The troubles of Borders are rooted in a series of strategic missteps, executive turnover and a failure to understand the digital revolution — problems in many ways of Borders’ own making," The New York Times noted.

Read more: http://www.rawstory.com/rs/2011/04/18/borders-execs-to-get-big-bonuses-after-laying-off-6000/

[Coyote_Bandit]

1. Both of the Borders here have been closed

I resisted the urge to go bargain shopping. Heard that the liquidation prices were no bargain. And am particularly delighted with this news that it has been considerable time since I dropped any $$$ in a Borders store.

Poor job performance ought not be rewarded.

[Angry Dragon]

2. So the solution to bad management is to pay

the top management more money so they can make more bad decisions

[Confusious]

3. millions for failure of their own causing

"The troubles of Borders are rooted in a series of strategic missteps, executive turnover and a failure to understand the digital revolution — problems in many ways of Borders’ own making,"

they have to pay to keep the best talent. This is talent?

I could smear shit on a wall at 1. that's more talent then these guys have.

[Rabrrrrrr]

4. Same excuse given for all the banker criminals that tanked our economy.

"But... but... but... if we want these guys to stay, we have to pay them well, and we need them to stay because they're the only ones who know how to get us out of the mess!"

Pisses me off.

Corporate Boards should be independent of the executives of the company, and their first priority when a company goes into bankruptcy should be to remove the entire executive team.

And our laws need to be changed in a way that a corporate board could immediately suspend all contractual obligations the moment an executive fails to uphold his or her contractual obligation to not fuck up the company.

[Recursion]

5. It was at least a straightforward mistake

They overbuilt, and expected people would keep paying inflated book prices like we did in 2005 for the "Borders experience". Plenty of companies have made that mistake; and FWIW they're giving bonuses to the execs that recognized this and changed the direction the company was going in, rather than the execs that drove it into the ground. (LeBow is pretty much a scumbag, though; he made his money in cigarettes.)

[Amerigo Vespucci]

6. The Tower Records Experience©...

...I've shared this on DU before, but the Tower I used to frequent on Bascom Avenue in Campbell is now a discount pet foods store.

And less than two blocks away, the Rasputin Music store still thrives. One chain store "got" it, the other didn't.

[hlthe2b]

8. I miss my Tower Records--virtually no where left now...

for that classical music shopping experience.... The one that once was near me was open 365 days a year and was as enjoyable as a coffee shop to come in and browse or sit and listen to selections from every genre imaginable until quite late at night. Knowledgeable employees too, for the most part. I know the point you are making, but as we didn't have a major independent that served the function of our "Tatter Cover" indie bookstore, that I love....my mileage varies quite a bit on this score. Now, we have a "Container Store" where we once had the "ultimate escape" ...

sigh...

[hlthe2b]

7. Shitting on thousands of "mere workers" and destroying their lives

is hard work, after all. Surely they've earned it? :sarcasm:

[JuniperLea]

9. My daughter is one of the workers laid off...

Her last day was this past Thursday... I cannot tell you how sickened I am hearing that those rat bastards at the top are getting massive bonuses... I could seriously kick someone in the crotch right now... preferably one of the aforementioned rat bastards.

One of my sons was laid off when Dow went through this, now my daughter with Borders... I just want to crawl into a hole.

[hlthe2b]

10. I can both sympathize and empathize.... more than you know...

I don't know what it is going to take for the public to have finally have had enough. I don't relish the thought of violence, but unless something changes, I fear we may get there. :shrug:

[JuniperLea]

11. The little guy is getting squished...

At some point we're going to have a lot of hungry people with nothing left to lose...

[badhair77]

12. I'm sorry to hear that, JuniperLea.

I hope that this closing door means a better one opens for your daughter. Best wishes for a new job for her and a worry off your mind.

[JuniperLea]

14. Thanks...

I appreciate the good thoughts!

[RaleighNCDUer]

13. Of course, they give the bonuses out after the closings and layoffs

because if they did it before them they'd have to deal with stores being torched.

[Guy Whitey Corngood]

15. It just never fucking ends, does it. nt

[postulater]

16. Ayn Rand would not have approved. Sheesh.

She would have called them all leeches.

The people who claim to follow her and do this crap are not consistent.

[texshelters]

17. Borders started in my

liberal home town and I find this sad really. And the bastards shouldn't get bonuses for laying people off, over expansion and not seeing the future of the book market. It's not my father's Borders any more.

And yes, I shopped there on State Street as a kid. A tiny amount of my money helped them expand and collapse. Are all corporations this way?

Moreover, I use to go to Tower Records in North Beach in SF. I used to go with my girlfriend and make a day of it, eat Chinese, buy some records, and yada yada yada. They provided good service for a while there.

Peace,
Tex Shelters

[tanyev]

18. They have to give the bonuses to them now.

Once the money is gone, they won't be able to.

[classysassy]

19. Baseball

To illustrate how the rich crooks continue their onslaught against this country,if a major league player struck out9 out of ten times and was given a bonus all heck would break loose,we need to pay more attention to other aspects in our society.