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.
Always bored during your commute to and fro work or school? Here’s the best solution: download our app for new articles, Facebook videos and YouTube videos that are updated daily…and most importantly, exclusive contents that are only available in our app! It’s your perfect companion for your daily commute!
Click Here to Download the App!
This article was first published on goodyfeed.com
Read Also
- 10 Facts About Toys ‘R’Us, The Childhood Brand That Almost #RIP in S’pore
- Toy’R’Us S’pore Still Safe from Bankruptcy. Here’s Why
- Don’t Say Bojio: Pets’ Station Warehouse Sale up to 80% (1 to 3 Dec)
Do you love writing? Do you want a platform to showcase your works? Goody Feed is looking for part-time writers to join the team! Click here to find out more!
Featured Image: Faiz Zaki / Shutterstock.com
Watch this for a complete summary of what REALLY happened to Qoo10, and why it's like a K-drama:
Read Also:
- Woman Tried Bribing Officer in S’pore Immigration, Thinking It’s a M’sia Officer
- There Might Not Be Crazy Rich Asians 2 in the Near Future
- Everything About Donald Trump’s Controversial Cabinet’s Picks That Are Known So Far
- Pet-Friendly Cafe Just 10 Minutes Away From JB CIQ Has Furry Floral Decor, Pastries & Mains
- 4 Handrolls For S$4 At Japanese Handroll Bar In Duxton Road On 17 November 2024
- Everything About The Deepfake Nude Photo Scandal in S’pore Sports School
Advertisements
