- Angela Gonzalez-Rodriguez |
Aeropostale wants to recognise the work of its executive team with a generous bonus. The problem is that since the teen apparel retailer asked for bankruptcy protection, they now need a bankruptcy judge to grant them permission to go ahead with the bonus scheme.
Thus, the retailer is asking federal judges in bankruptcy court to let them pay out 3.41 million dollars in bonuses to 10 top executives, according to court papers accessed by ‘Marketwatch’.
These documents specify that the pay is to compensate those top executives for their work during the bankruptcy process and would be contingent on a successful exit from Chapter 11 and sales revenue goals.
Additionally, the retailer is willing to pay as much as 1.45 million dollars in bonuses to 41 hard-to-replace workers, in an effort to retain them until October 25, publishes ‘Marketwatch’, which had access to court documents filed in the U.S. Bankruptcy Court in Manhattan.
“During this process, the [retailer] started experiencing the loss of some of their highly valuable employees throughout critical areas of their businesses,” states the aforementioned document.
“These voluntary resignations included members of the [retailer’s] leadership team and other employees that performed critical functions, including [its] director of tax, director of strategy and customer insights, senior director of social media, senior director of operations procurement, and various regional managers.”