ANN ARBOR, Mich., March 26 (UPI) -- Struggling U.S. book retailer Borders Group Inc. said it has asked a bankruptcy court permission to pay executives $8.3 million in bonus pay.
"A number of key members of the management team have been put in place or in their positions within the last year. This management team has been fully focused on repositioning Borders to have the potential to be successful for the long term," said company spokeswoman Mary Davis.
The Detroit News reported Saturday Chief Merchandising Officer Michael Edwards, who has been with the company since September 2009, would receive the largest bonus under the company's plan -- $1.7 million.
Industry analysts Michael Norris said retaining key staff members was an important goal.
Concerning bonus pay, "If it keeps their best people from heading to the exits, a retention bonus is a great idea," Norris said.