2/16/11 Borders filed for bankruptcy protection this morning, and said it will close at least 200 stores, plus the option for about 75 more — or about 30% of the company’s total.
3/17/11 Borders said it will close another 28 stores by late May. FYI: Here's a list of all the Borders stores that are expected to foreclose.
3/26/11 Borders announced they want bankruptcy court to approve a bonus payout of $8.3 million to its top executives, with $1.7 million to President Mike Edwards.
Peg Brickley from WSJ reported:
For Borders' five highest-level executives, the bonuses would mean extra pay of between 90% and 150% of their base salaries, depending on how quickly the company exits bankruptcy or is sold as a going concern.The catch? The bonus won't be paid if Borders liquidates.
One investor laments the irony of the situation: "The idea of retention bonuses are killing me, but you'd have to pay a king's ransom for the next group. It irks me because it's money that won't go to paying creditors."
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