U.S. Bankruptcy Court judge signed off on Friday on Sears’ request to pay up to $25.3 million in bonuses to top executives and other high-ranking employees even as the company reported losing nearly $1.9 billion in the first three quarters this year, the Chicago Tribune reported. Hoffman Estates-based Sears Holdings Corp., which filed for bankruptcy protection in October, said it needs to able to offer the extra cash to encourage key employees to stick with the company as it attempts to restructure, according to court filings. The company’s proposal offers bonuses totaling up to $8.4 million to 19 executives if the company achieves certain financial targets over the next six months. Those employees also would be eligible for bonuses if the company is on track to hit those targets when it’s sold, an attorney for Sears said at the hearing. The retailer also got permission to set aside up to $16.9 million in retention bonuses for a separate group of 315 senior employees. Each could receive a cash award equivalent to 30 to 40 percent of his or her salary, split into quarterly payments over the next year.
