In an effort to keep people from jumping ship, Sears asked its bankruptcy judge to pay as much as $25.3 million to its executives and high-ranking employees, and on Friday the court said yes.
The company behind Sears, Hoffman Estates, Ill.-based Sears Holdings Corp., argued it needed to give employees such a financial incentive to encourage them to remain with the company as it works to rebuild, despite it reporting nearly $1.9 billion in losses in the first three quarters of this year, CBS News reported.
"Under these circumstances, it would be understandable if many key employees are asking themselves whether they should be seeking other opportunities," the company said in a court filing in November, according to the publication.
But the company “cannot afford this uncertainty — however understandable it may be,” the filing also reportedly states.
According to the proposal, the company will offer $8.4 million in bonuses over the next six months to 19 executives if the company achieves certain financial goals.
The employees would also be eligible for more money in bonuses if the retailer is in a position to hit those financial targets when sold, an attorney for the company reportedly said at the hearing.