DENVER BUSINESS JOURNAL - While some 14,000 Sports Authority employees are out of a job, three unnamed top executives at the failed sporting-goods chain will be cashing checks for up to $1.5 million.
U.S. Bankruptcy Court Judge Mary Walrath on Wednesday signed off on a scaled-down plan to pay bonuses to a trio of leaders at Englewood-based Sports Authority, which declared bankruptcy in March and closed hundreds of stores over the summer -- including Denver's Sports Castle -- following liquidation sales.
The Wilmington, Delaware-based judge's approval came despite the objections of a federal bankruptcy-court watchdog official, who called the payouts "unseemly," the Wall Street Journal reports.
The execs will get their bonuses while many creditors of the company -- including merchandise vendors -- are expected to get only a fraction of their costs back.
Andrew Vara, a U.S. Department of Justice trustee who keeps an eye on the Wilmington bankruptcy court where Sports Authority's case is being handled, objected to the bonuses.
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