Bankrupt Nieman Marcus seeks bonuses for top execs

[Yo_Mama_Been_Loggin]

Neiman Marcus is asking a federal bankruptcy court in Texas to allow almost $10 million in pay raises for CEO Geoffroy van Raemdonck and seven other executives as the company goes through debt restructuring.

The proposed compensation plan covers staff who are "critical to day-to-day operations" and Neiman Marcus' financial success during the bankruptcy process, according to a court filing.

Neiman Marcus filed for bankruptcy protection in May after the coronavirus closed its stores. The Dallas-based clothing and department store famous for its over-the-top holiday catalog offerings was already preparing for a court-led reorganization of its $5 billion of debt.

As part of the bankruptcy filing, Neiman Marcus said it has secured $675 million in financing from a majority of creditors to keep operating during the restructuring. Those creditors now hold over two-thirds of the company's debt.

https://www.msn.com/en-us/money/companies/bankrupt-nieman-marcus-seeks-bonuses-for-top-execs/ar-BB16Sy64?li=BBnbfcN&ocid=DELLDHP

Only in America can managers get a bonus for fucking up.

[TexasTowelie]

1. At one point there was at least a case that those high level managers and execs had to be paid

retention bonuses or those people would move on to other employment. Considering that the entire retail sector is in deep sh*t there aren't any jobs for those people to find; therefore, the thought that those people should be paid retention bonuses is ridiculous. They should be grateful that they are still employed.

[Phoenix61]

2. This! nt

[crickets]

4. How about they turn the company around first, THEN get a raise. Unreal. nt

[Hoyt]

5. Of course, the lawyers have first dibs on the money.