Sears Secures $25.3 Million For Executive Bonuses Despite $1.9 Billion In 2018 Losses

A U.S. Bankruptcy Court judge has signed off on Sears’ request to give top executives up to $25.3 million in bonuses, even as the company reported nearly $1.9 billion in losses during the first three quarters of 2018, according to the Chicago Tribune. The retailer claimed that the bonuses are needed to keep key executives around during restructuring efforts.

Up to $8.4 million would be divided up between 19 executives if Sears manages to reach certain financial targets within the next six months, or if the company is on track to hit these targets when it is sold. Another $16.9 million has been set aside as retention bonuses for 315 senior employees , each of whom could receive a cash award equivalent to 30% to 40% of their annual salary.

Additionally, since filing for bankruptcy in October, Sears has raised base salaries for certain executives — including the three who formed the Office of the Chief Executive after CEO Edward Lampert’s departure. The company claimed it has already “suffered significant…