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Borders Asks Court to Authorize $8.3 Million in Executive Bonus Payments

March 27, 2011
By Sarah Weinman

In papers filed last week, Borders asked a federal bankruptcy court to authorize as much as $8.3 million in bonus payments to company executives – including up to $1.7 million to CEO Michael Edwards. Seventeen executives are covered by the largest bonus program, which could add between $4.7m and $7.1m, while a second $1.2 million bonus program covers 25 “director-level” managers that court papers say are “critical to the debtors’ reorganization and to ongoing business.”  The company said that 70% of its top executives have been with Borders for 18 months or less, and that bonuses were not paid at […]

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Filed Under: Bookstores, Finance, Legal, News

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