Chuck E. Cheese and GNC both filed for bankruptcy this week—the CEOs got millions in bonuses, while thousands of workers will likely lose their jobs
The vitamin retailer plans to continue operations—albeit in a smaller manner. The bankruptcy, according to the company, offers the"opportunity to improve our balance sheet while continuing to advance our business strategy, right-size our corporate store portfolio, and strengthen our brands to protect the long-term sustainability of our company."
The rewards—officially called “retention bonuses”—for failing included $2.2 million for CEO Kenneth Martindale, who joined the company in September 2017. He was paid $7.1 million in 2019. The chief financial officer received $795,000 and three other C-level executives were awarded a total $918,000. There’s one small caveat—executives will have to return 25% of their after-tax bonuses if the company does not emerge from Chapter 11 protection within a year. Thursday.
A last ditch effort to boost sales—delivering pizza under the pseudonym “Pasqually’s Pizza & Wings”—didn’t work out too well. It caused confusion and was mocked online when people realized that this new pizza place wasn’t an authentic mom-and-pop shop, but really Chuck E. Cheese’s pizza.
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