So, you’ve got a company about to file for bankruptcy. You’ve laid off 80,000 employees, skipped making payments on your debt and maybe you’re not paying rent in some places. What do you do? You take nearly $10 million and hand out bonuses to a group of your executives, of course.
That’s what JCPenney is doing this week, saying they are for “motivation” and “retention.” They don’t say they wouldn’t be able to pay these out once they file chapter 11. You could call it Stupid. I call it greed.
More in my new Forbes.com post: https://www.forbes.com/sites/warrenshoulberg/2020/05/13/soltau-and-team-taking-10-million-in-bonuses-out-of-sinking-penney/#4001ea971f55
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