Borders Executives Want $8.3 Million In Bonuses From Bankruptcy Court
The Wall Street Journal reports that Borders executives want the bankruptcy court to approve more than $8 million in executive bonuses:
Seventeen top executives are covered by the largest program, which could add as much as $7.1 million to the pay packets of leaders who stick with the company in bankruptcy. Court papers say 70% of the group have been with the company less than 18 months, and many joined Borders less than a year ago.
Bear in mind that Borders owes hundreds of millions of dollars to publishers and distributors, including $4 million to Diamond. They just closed another 28 stores last week, adding to the 200 they’d already announced. Friends of ours have lost their jobs, and more are coming as it ripples through publishing. And the folks who put us into this mess want bonuses for this?
- Borders Hopes To Pay Over $8 Million in Executive Bonuses (mediabistro.com)