Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Judge Denies Bonuses For Executives Who Bankrupted Sports Authority
Posted
August 4, 2016
Views
108,206
Likes
2,240
Comments
396
Engagement
2.44%
August 4, 2016
108,206
2,240
396
2.44%
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6:08Now PlayingA bankruptcy judge has ruled against giving large bonuses to executives who worked for Sports Authority. Is this a good policy? Cenk Uygur and Ana Kasparian, hosts of The Young Turks, break it down. Tell us what you think in the comment section below.
"A U.S. bankruptcy judge refused on Tuesday to allow Sports Authority to pay up to $2.85 million in bonuses to four executives for overseeing the winding down of the national sporting goods chain.
Englewood, Colorado-based Sports Authority filed for bankruptcy in March with hopes of keeping some of its 464 stores open, but battles among lenders and suppliers eventually scuttled those plans. Its final stores closed last month.
"I think it’s just inappropriate to pay senior executives a bonus when all the employees are losing their jobs," said Judge Mary Walrath during a hearing in Wilmington, Delaware.
Sports Authority said the bonuses were essential to ensure executives squeeze the most value out of its assets by adhering to a budget and preventing waste.
The company asked to keep the identities of the executives under seal to "minimize detrimental impacts on employee morale," which prompted an outcry from some of the 14,000 former staffers.
"I’m not surprised the employees are sending angry emails about it," said Walrath.
Bankrupt companies often get court approval to make special bonus payments to top executives for hitting performance targets designed to maximize value for creditors.”*
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Hosts: Cenk Uygur, Ana Kasparian
Cast: Cenk Uygur, Ana Kasparian
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary)
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