Everyone who has access to the internet would have known that that behemoth Toy store chain, Toys ‘R’ Us, has filed for bankruptcy in America, a few months back.
So why am I repeating old news?
FYI: Asia’s Toys ‘R’ Us is still going well.
Ok back to the story.
So, when someone says they are bankrupt, what goes through your mind?
Is he broke?
Is he living in the streets?
Has he sold all of his assets?
What if I told you that someone decided to go on a trip to Hawaii and checked themselves in the Four Seasons?
Yes, same thought.
So I went wtf when I heard that Toys ‘R’ Us is giving out bonuses to their executives.
I am talking about multimillion-dollar bonuses.
According to The Record, Judy A. Robbins, the Department of Justice trustee who is assigned to Toys ‘R’ Us’ bankruptcy case, wrote a very angry letter when the toy company decided to request permission to award bonuses to 17 executives.
Ok, give me five minutes to process what I have typed.
Ok, I am back.
The story even gets more absurd.
The bonuses would start at $16 million and it would double if they meet their financial goals.
In this angry letter, Robbins also mentioned that five executives were given a package of bonuses totalling $8.2 million just before they filed for bankruptcy which includes a $2.8million incentive for Toys ‘R’ Us Ceo, Dave Brandon to stay.
This is what Toys “R’ Us said to Business Insider, in a statement, in regards to their request to award bonuses and incentives: it is “ standard practice for a company involved in a restructuring.”
But strangely enough, Robbie noted that they have not submitted any restructuring plan.
The company also filed a separate motion, where they hope to pay $45.8 million to 3,805 employees in management roles. And if the financial goals are met, the company will pay out $68 million to these managers.
They also said: “Before an incentive program can be implemented, we will continue consulting with our creditors and the US trustee regarding the program and the program must be reviewed and approved by the Federal Bankruptcy Court.”
Unfortunately, trustee can’t rule on motions as their job is to just ensure that all laws are followed and to make sure creditors and debtors are represented fairly.
If you are bamboozled as me, you’re not alone.
We just have to wait for the ruling of the motion next month.
Jesus, I am gonna need a Panadol.
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This article was first published on goodyfeed.com
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