Borders Bookstore has filed for bankruptcy and closed 225 stores, putting 6,000 employees out of work. The company is in debt and doesn’t have enough assets to pay off its creditors.
But that didn’t stop the CEO from asking the bankruptcy judge for $8.3 million in executive bonuses, including $1.7 million for himself. That’s on top of the 87% raise he gave himself last year, even though employee raises have been frozen for several years.
Rewarding failure, one CEO at a time.