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There is something wrong when: “The bankruptcy filing comes days after the company announced it had awarded $7.5 million in bonuses to its top four executives, saying it was “taking necessary steps” to retain its management team.”
I worked at Babies R Us for five years. A similar thing happened there in 2018. Just prior to the bankruptcy, the CEO and 15 executives each got a two-million bonus while all the employees were not initially going to get severance.
Interesting that there is no mention of the number of low wage people who will lose their jobs now. $7.5 million is just a drop in the bucket, and it makes no difference in the long run. Unless it had been donated to Food Banks or charities that could actually help people today. It seems like a lot to us but in the scope of things it’s close to nothing. And our so-called leaders either don’t know what to do or don’t care.
I hate to see this. My grandfather was the lawyer/incorporator for 139 J.C. Penny stores including Indy. Hopefully they can recreate themselves online or merge. If your ancestors are the Copperheads and your name is James Cash Penny I would realize that it’s all about price, portion and local delivery during a down turn economy. I would offer to beat any price, sell their fleet of vehicles to us; which we would lease back to them with electric vehicle conversions for rapid sales and urban delivery. Turn it around and take control of their own economy. Work with what you have.