Judge REFUSES Golden Parachute Bonuses For Executives At BANKRUPT Sports Authority

Finally, a judge with some sense.

According to Reuters, a U.S. bankruptcy judge has thrown out a golden parachute payout for Sports Authority executives who were demanding a $2.85 million dollar bonus for running Sports Authority into the ground.

A U.S. bankruptcy judge refused on Tuesday to allow Sports Authority to pay up to $2.85 million in bonuses to four executives for overseeing the winding down of the national sporting goods chain.

Englewood, Colorado-based Sports Authority filed for bankruptcy in March with hopes of keeping some of its 464 stores open, but battles among lenders and suppliers eventually scuttled those plans. Its final stores closed last month.

“I think it’s just inappropriate to pay senior executives a bonus when all the employees are losing their jobs,” said Judge Mary Walrath during a hearing in Wilmington, Delaware.

Sports Authority said the bonuses were essential to ensure executives squeeze the most value out of its assets by adhering to a budget and preventing waste.

The company asked to keep the identities of the executives under seal to “minimize detrimental impacts on employee morale,” which prompted an outcry from some of the 14,000 former staffers.

“I’m not surprised the employees are sending angry emails about it,” said Walrath.

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