Sears receives approval to pay 25.3 million dollars in bonuses to top secretaries after filing for bankruptcy

A US bankruptcy court on Friday approved Sears' request to pay as much as $ 25.3 million in bonuses to the company's senior executives and senior employees just months after the company was filed for bankruptcy.

The company behind Sears, Hoffman Estates-based Sears Holdings Corp. claimed that it was necessary to give employees such an economic incentive to encourage them to remain with the company as it is working to rebuild, despite almost reporting $ 1.9 billion in losses in the first three quarters of this year, CBS News reported.

"Under these circumstances, it will be understandable if many key people ask themselves to seek other opportunities," the company said in a court filing in November, according to the publication.

But the company "can not afford this uncertainty, but understandably, it can be," according to the application.

The company's proposal will allegedly provide bonuses to 1[ads1]9 executives amounting to up to $ 8.4 million over the next six months if the company has succeeded in meeting certain financial goals.

Employees will also be eligible for more money in bonuses if the dealer is able to beat these financial goals Sears announced in October that it was forced to file bankruptcy in Chapter 11, which allows to restructure its finances after it failed to pay $ 134 million debt payment due at that time.