Posted on: December 17, 2018 02:00 PM

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Bankruptcy court approved 25 million bonus for top executives at Sears

On Friday, December 14, US bankruptcy court approved $25 million dollars in bonus to top executives and other top management employees at both Sears and Kmart locations nationwide.

The company filed for bankruptcy protection in October and already stores are closing with massive layoffs after losing almost $2 billion dollars in 2018 alone. 19 executives will receive $8.4 million dollars if the terms are met as per court order in the next 6 months .

$16.9 million dollars in bonus for 315 senior employees will also apply next year. The court approved due to increased sales from liquidation from stores that are closing.

As of now around 500 stores are open and more closures are underway next year.