Apr 14, 2003
Kmart Corporation is in the bankruptcy courts. At least 600 stores are being closed and tens of thousands of workers' jobs have been cut.
But what does bankruptcy mean for the top executives and for 7800 store managers, regional managers and pharmacy managers? Bonuses!
Yes, the bankruptcy courts allow the president and the chief restructuring officer to receive a million each as a bonus for the last year of work. And the chief of all the executives, chairman Jim Adamson, comes away with a 3.6 million dollar bonus for the year.
Bankruptcy is clearly the way to go – when you are a boss.