The Wall Street Journal broke the news that Borders hopes to pay more than $8 million in executive bonuses. The bonuses were outlined in paperwork filed with federal bankruptcy court.
Here’s more from the article: “Seventeen top executives are covered by the largest program, which could add as much as $7.1 million to the pay packets of leaders who stick with the company in bankruptcy. Court papers say 70% of the group have been with the company less than 18 months, and many joined Borders less than a year ago.”
On the question and answer network Quora, former Borders merchandising strategy and analytics director Mark Evans outlined six reasons why Borders went bankrupt. Earlier this month, the company decided to close 28 more stores.