Guillotine watch: The executives who bankrupted Toys R Us this year want $16M-$32M in bonuses for their performance
Toys R Us was taken over in a debt-loading act of financial engineering in 2005; over the years, despite turning a profit, the service on that debt dragged Toys R Us lower and lower until the management team picked by the financial engineers finally bankrupted the company.
The top 17 execs at the company received $8.2 million in “retention bonuses” mere days before they took the company into bankruptcy. Now they want millions more – $16M-$32M just to stay with the company while it “restructures.”
The bankruptcy trustee is fighting not to pay the bonuses.