Judge to Sports Authority Executives “No Bonus For You”
Four Executives from the now defunct Englewood, CO. based sporting goods retailer Sports Authority could have received $2.85 million dollars in bonuses until a U.S. Bankruptcy Judge denied Sports Authority the pay out.
According to an article from Reuters, bonuses were essential to ensure executives squeeze the most value out of its assets by adhering to a budget and to prevent waste.
The hearing happened on Tuesday in Wilmington, Delaware and Judge Mary Walrath said "I think it's just inappropriate to pay senior executives when the employees are losing their jobs ".
Sports Authority has asked to keep the identities of the executives sealed as to "minimize detrimental impact on employee morale". Walrath added "I'm not surprised the employees are sending angry emails about it".