Judge Grants Sports Authority Execs Bonuses
It’s a nice payday for three unnamed Sports Authority executives. A judge approved the company to pay up to $1.5 million in bonuses to these execs after a bankruptcy liquidation that erased around 14,000 jobs. Sports Authority has an estimated $400 million worth of merchandise to sell in one of the largest retail liquidations ever.
Total Retail’s Take: This ruling comes after a proposed bonus of $2.85 million to four Sports Authority executives was denied by a bankruptcy judge last month. One executive left the company after that ruling. With around 300 people still left on the job at Sports Authority, the bonuses are likely to damage company morale even more (if that was even possible). The people who remain at Sports Authority are wrapping up the retailer’s affairs while their bosses are getting a fat check for failing.