Borders Books Requests $8.3M In Bonuses For Executives

Yahoo! Finance:

Borders wants to pay as much as $8.3 million in bonuses to executives and board members to keep them from leaving as it reorganizes under bankruptcy court protection.

Read the whole story: Yahoo! Finance

Comments

[kokobell616]

06:04 AM on 04/03/2011

I wonder how many of the current elected officials were thinking of this when they took office. From what I have seen there were a lot of them wanting to run their states like a business. There has been a lot of press both good and bad about how the changes in governing has mirrored business. Cast off the wage earners in favor of contract labor.

Seems to be all the rage these days.

Trash you company/state. Reap financial rewards in the end.

[UberdanSounds]

12:08 PM on 04/01/2011

I see a lot of folks saying their disgusted because they ran it into the ground, & now they want a bonus. Well...that's how white collar crime works! None of them failed, they did exactly what they set out to do, while making it look like they really tried. You'll hear the stories, "they didn't get on the ebook soon enough, they fell behind technologically"; all hogwash. I worked @ Borders & I can tell you straight up^...they don't care, they wanted it to fail! Just like the MBS's & CDO's, a ticking time bomb if you will. I don't think the business started out that way but somewhere along the way the leadership said "Hey, you know we can make just as much if not more if we just run it into the ground?"

[QuintinJordon]

12:07 PM on 04/01/2011

When does the insanity quit? How many more companies are going to go under, but pay their executives these nice hefty bonuses? We now reward failure.

If there are individuals in the company that are so worried about the executives leaving the company, the same ones that were in charge during the downfall of the company, then these individuals should be worried they might stay, and not they need bonuses.

I would be saying - GOOD RIDDANCE.

This is what is wrong with America today - Failure = Reward - and the corporate level displays it everyday.

[Alvin Anderson]

03:19 AM on 04/01/2011

The inmates are running the asylum--beyond a doubt. It's come to the point where it may be safer to live inside a Prison. At least the criminals there admit to being crooks. Who pays a bonus to anyone who has FAILED AT THEIR JOB?! Bald face lying, without the slightest bit of shame, is simply Psychopathic. A person who steals a loaf of bread because they are poor still goes to jail while the big, white collar/Politicians crooks who steal billions and wreck millions of lives and are destroying our country get millions for "rewards". Let's drop some of these crooks in real prisons when they are caught. Let them get a taste of what the rest of humanity faces when they lie, cheat and steal and are caught. I can't put my disgust into words because this on going absurdity is incomprehensible..

[MtnGeek]

10:31 AM on 03/30/2011

So you want to reward the guys who ran your business into bankruptcy? That might not be the best business plan. How about cost cutting measures, like firing those executives who ran your business into the gutter?

[valeskas]

08:10 AM on 03/30/2011

Those executives do not deserve a penny, they where not smart enough to understand the difference our time brought, thats why Borders is in bad shape. To reward these people is a shame, because many others lost their jobs at Borders and they want to be rewarded, that is a shame. It shows, what this country is about.

[Soulfest]

06:16 AM on 03/30/2011

I am fortunate to have lived in several towns with a majority presence of Independent and locally owned stores.

When Borders first came to Santa Cruz years ago, they were met with fierce opposition from the loyal cliental of Bookshop Santa Cruz, and Logos, and were not able to put them out of business.

Many towns have had Independent stores go under because they could not compete with the big box chains. I also lived in several towns that lost their local health food stores to Whole Foods.

It is my hope and belief that with the fall of any chain store, will come the rise of the Independents, and small business will be returning to the American landscape.

I would like to support my local community and not buy into the criminal corporate culture that is wiping out and decimating my country. Why they are continually rewarded is something I will never understand.

[BrianJackson]

01:06 PM on 03/29/2011

They had the chance to change with the times and stay current, they didn't.

The people responsible for not changing with the times, making the company more relevant and profitable are these same executives. When they go out of business, none of them will get paid any longer. This is just a final payday before they go under. A move straight out of the Wall Street playbook.

Instead of chasing those responsible for your collapse with millions, why not fire them?

[Indigo1941]

06:43 AM on 03/29/2011

That says a lot about what a lame bookstore chain Borders was.

[Howard53545]

05:27 AM on 03/29/2011

They closed stores and fired workers and now to give the dead beat executives a bonus. What a mess.

[abliss2379]

02:03 PM on 03/29/2011

It's not like there's no precedent for it, though, is there?

[msgruvn]

03:37 AM on 03/29/2011

huh?? and why, exactly, do they want to keep these guys? not just keep them, but reward them for doing SUCH a fine job. so nothing has really changed it seems.

[hairydodger]

12:23 AM on 03/29/2011

Give them nothing. Give the 8,000,000 to the people that actually did some productive work.

[Jakesmom]

11:13 PM on 03/28/2011

How do you earn a bonus for putting people out of work?

[colgan]

03:37 PM on 03/29/2011

By putting people out of work.

[mabinog]

09:57 PM on 03/28/2011

bonuses for leading a company into bankruptcy or not preventing it anyway?

Hope the judge gives them the finger

[cybolt]

08:54 PM on 03/28/2011

This is simply preposterous.