As promised, bankruptcy judge Martin Glenn has filed a lengthy opinion explaining why the revised Borders executive bonus plan eventually won approval. In the final version, Judge Glenn says the “maximum total cost” of the two incentive plans is $3.9 million. At least 47 senior corporate employees have left the bookseller since the company file for bankruptcy, and “store closings and further attrition” have taken the overall workforce from approximately 16,000 full- and part-time employees down to roughly 11,000. Judge Glenn warns that successful reorganization won’t come easily: “Since the ultimate fate of many recent retailer debtors has been liquidation, meeting […]
