Report: Toys ‘R’ Us executive bonus plan meets with objection
The U.S. Trustee in Toys "R" Us' bankruptcy case is not happy about the chain's executive incentive bonus plan.
The Trustee has filed a strongly worded objection to the company's plan to pay between $16 million and $32 million to its 17 most highly paid executives, reported The Record. The bonuses would double to $32 million if certain financial goals were reached.
Toys "R" Us, which filed for Chapter bankruptcy protection in September, filed a motion Nov. 15 asking for permission for the plan. In a statement on the incentive motion, the retailer said the plan "is standard practice for a company involved in a restructuring and in this case rewards team members at all levels of the company."
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The Trustee has filed a strongly worded objection to the company's plan to pay between $16 million and $32 million to its 17 most highly paid executives, reported The Record. The bonuses would double to $32 million if certain financial goals were reached.
Toys "R" Us, which filed for Chapter bankruptcy protection in September, filed a motion Nov. 15 asking for permission for the plan. In a statement on the incentive motion, the retailer said the plan "is standard practice for a company involved in a restructuring and in this case rewards team members at all levels of the company."
Click here to read more.