Sears Executives To Get Millions In Bonuses After Company Files For Bankruptcy

CHICAGO (CBS)—So far this year, Sears has filed for bankruptcy protection, reported $2 billion dollars in losses, and is closing more than 180 stores, in addition to laying off hundreds of workers.

But today, a bankruptcy judge approved Sears' plan to give millions in bonuses to the company's top-ranking employees.

The Chicago Tribune reports that a U.S. bankruptcy judge approved Sears' $25.3 million dollar bonus request.

$8 million would be split among 18 key executives, and another $16 million would be split among 322 other high-ranking employees to stay put while Sears restructures and tries to stay afloat.

Meanwhile, employees at closing stores received letters this year, saying they would not receive severance payments -- because sears filed for bankruptcy.