{"id":28868,"date":"2020-07-16T22:37:00","date_gmt":"2020-07-16T19:37:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/feds-blast-lavish-bonuses-for-bankrupt-neiman-marcus-execs\/"},"modified":"2020-07-16T22:37:00","modified_gmt":"2020-07-16T19:37:00","slug":"feds-blast-lavish-bonuses-for-bankrupt-neiman-marcus-execs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/feds-blast-lavish-bonuses-for-bankrupt-neiman-marcus-execs\/","title":{"rendered":"#Feds blast lavish bonuses for bankrupt Neiman Marcus\u2019 execs"},"content":{"rendered":"

“#Feds blast lavish bonuses for bankrupt Neiman Marcus\u2019 execs<\/strong>”<\/p>\n

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July 16, 2020 |<\/span> 3:37pm |<\/span> Updated July 16, 2020 | 3:37pm<\/span><\/p>\n

\n Enlarge Image<\/p>\n

\"Geoffroy<\/img>
\n Geoffroy van Raemdonck<\/span>
\n Getty Images for The Business of<\/span><\/p><\/div>\n

\n The federal government is cracking down on fat bonuses for top executives of Neiman Marcus after The Post reported on the bankrupt chain\u2019s\u00a0controversial efforts to enrich its CEO.<\/p>\n

Henry Hobbs, the acting US Trustee overseeing Neiman\u2019s Dallas, Tex., bankruptcy, blasted $10 million in bonuses Neiman has set aside for its senior staff, including CEO Geoffroy van Raemdonck, once the company emerges from bankruptcy. He demanded to know more before they are app<\/a>roved.<\/p>\n

In a court document filed on Tuesday \u2014 one day after The Post\u2019s report \u2014 Hobbs requested that the court reject the bonuses unless the luxury retailer can prove that they are tied to performance and \u201cnot a pay-to-stay retention plan.\u201d Paying executives of a bankrupt company extra simply to stick around and do their jobs was outlawed in 2005 due to abuses by companies like Enron, WorldCom and Polaroid.<\/p>\n

Hobbs also questioned the millions in bonuses van Raemdonck and other top Neiman executives received leading up to the company\u2019s May Chapter 11 bankruptcy filing. Unless Neiman can prove that it plans to pay for performance, then the bankruptcy bonuses \u201cwould appear to be duplicative of the bonuses paid prior to bankruptcy and the court should deny the motion,\u201d Hobbs said.<\/p>\n

\"Neiman<\/img>
Noam Galai\/Getty Images<\/span><\/figcaption><\/figure>\n

The bonus plan in question calls for as much as $9.9 million to line the pockets of the company\u2019s top eight executives, with the largest pot, $6 million, going to van Raemdonck.<\/p>\n

The company says the bonuses are tied to specific performance metrics, including how quickly the company can emerge from bankruptcy as well as its sales receipts. But Hobbs questioned whether these were metrics worthy of a financial reward.<\/p>\n

\u201cAt this juncture \u2026 it is impossible to assess whether the targets for the performance metrics are difficult to reach or are reasonably within reach,\u201d he said.<\/p>\n

As The Post reported on Monday, van Raemdonck\u2019s lavish pay, including a $4 million bonuses paid in February, has rankled rank-and-file workers suffering from the company\u2019s bankruptcy.<\/p>\n

On March 30, as the coronavirus forced 14,000 workers to be furloughed amid mass store closures, van Raemdonck declared that he would be waiving \u201c100 percent\u201d of his salary. But, as The Post reported, court filings show that he continued to pocket big checks in the weeks that followed, including a salary check for $57,692 on April 10 and two smaller salary checks totaling $17,230.<\/p>\n

\u201cHe told us he appreciates our sacrifices, but it looks like he\u2019s not making any himself,\u201d an employee who asked to remain anonymous for fear of reprisal told The Post in an email.
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\nHobbs did not immedia<\/a>tely respond to a call for comment.\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Feds blast lavish bonuses for bankrupt Neiman Marcus\u2019 execs” July 16, 2020 | 3:37pm | Updated July 16, 2020 | 3:37pm Enlarge Image Geoffroy van Raemdonck Getty Images for The Business of The federal government is cracking down on fat bonuses for top executives of Neiman Marcus after The Post reported on the bankrupt chain\u2019s\u00a0controversial…<\/p>\n","protected":false},"author":1,"featured_media":28869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[39961],"class_list":["post-28868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-feds-blast-lavish-bonuses-for-bankrupt-neiman-marcus-execs"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/28868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=28868"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/28868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/28869"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=28868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=28868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=28868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}