Despite objection, Toys ‘R’ Us bonus plan gets OK from court
The U.S. Bankruptcy Court in Richmond, Virginia has approved the plan to pay top executives at Toys "R" Us up to $21 million in bonuses.
At the hearing, the retailer's lawyer made the argument that the bonus money would incentivize the executives to boost the retailer's sales during the holiday shopping season, reported CNBC. The judge approved the plan despite an objection by the U.S. Trustee.
Under the plan, 17 eligible executives would split about $21 million if earnings before interest, depreciation and amortization for this fiscal year reach $641 million, CNBC reported.
Click here for more.
At the hearing, the retailer's lawyer made the argument that the bonus money would incentivize the executives to boost the retailer's sales during the holiday shopping season, reported CNBC. The judge approved the plan despite an objection by the U.S. Trustee.
Under the plan, 17 eligible executives would split about $21 million if earnings before interest, depreciation and amortization for this fiscal year reach $641 million, CNBC reported.
Click here for more.