Bankrupt Toys "R" Us asks court to okay huge executive bonuses
Bankrupt retailer Toys "R" Us disclosed in court papers that it paid CEO David Brandon a $2.8 million retention bonus just before filing for Chapter 11 protection in September. Moreover, it's now asking court approval to approve up to another $12 million in incentive bonuses for Brandon, who already receives a base salary of $3.7 million. The New Jersey-based company also is seeking up to another $20 million in incentive pay for 16 other top executives, as first reported by The Wall Street Journal.
- Toys "R" Us statement: "This type of plan is standard practice for a company involved in a restructuring and in this case rewards team members at all levels of the company."