Rex to give execs hefty bonuses

Dayton, Fla. Rex Stores Corp.’s top executives are slated to receive big bonuses amid the retailer’s exit from retail business later this year, according to the Dayton Business Journal.

The company announced earlier this year that it is closing all of its nationwide stores.

The report said that David Bearden, president and COO for Rex, will collect a one-time cash bonus of $1 million upon completion of the sale of Rex’s retail stores to Melbourne, Fla.-based Appliance Direct. He was paid $203,100 in fiscal 2008, down from $321,100 in fiscal 2007.

Rex’s other top executives, including Douglas Bruggeman, Keith Magby, David Fuchs and Zafar Rizvi are also eligible for a one-time cash bonus of $200,000, $200,000, $50,000 and $50,000, respectively, once the retail stores have transitioned to Appliance Direct, the report said.

Rex has 105 retail stores located in 32 states, including seven in the Dayton area, and interests in alternative-energy companies.