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.
"It defies logic and wisdom," the objection by trustee Judy A. Robbins states, that Toys R Us is proposing "multimillion-dollar bonuses for the senior leadership of a company that began the year with employee layoffs and concludes it in the midst of the holiday season in bankruptcy.
"Apparently," Robbins said, "this Christmas, Toys R Us intends to deliver not only 'children their biggest smiles of the year' but the insiders, too,’ " which is a reference to court claims by Toys R Us that its No. 1 goal is to keep children happy.
Toys R Us bankruptcy trustee blasts executive bonus plan [Joan Verdon/USA Today/The (Bergen County, N.J.) Record]
The only thing worse than driving a car with defective breaks is unknowingly driving a car with defective brakes -- and learning about them the hard way.
At a followup visit a year after Elizabeth Moreno had a disk removed to successfully treat her crippling pain, her doctor asked her to leave a urine sample; a few months later, Sunset Labs LLC of Houston sent her a bill for $17,800.
Uber trumpeted its Q4/2017 financial statements as evidence of the company's progress towards CEO Dara Khosrowshahi's goal of profitability and IPO by 2019; the company argued that despite losing $4.5 billion in 2017, its cust-cutting in the final quarter of the year was proof that they would eventually go from losing money on each ride […]
Python is one of the most popular and versatile programming languages used by developers today, making it an ideal first choice for those looking to kickstart a career in programming. While you could go back to school or sign up for a pricey coding bootcamp, you can learn the essentials of coding with Python at […]
Going back to school isn’t necessarily an option for everyone. Between the time commitments and steep tuition rates, there are obstacles aplenty as far as furthering education is concerned. However, that’s not to say it’s impossible to learn new skills. Excel with Business lets users access thousands of hours of online learning in Microsoft, business, technology, […]
More often than not, you won’t see an accident coming, which means it pays to be proactive and ensure you have the right tools on-hand before you need them. Whether you find yourself in the middle of a power outage or having car trouble at night, you can make sure you’re still capable of navigating […]