DALLAS (CBSNEWS.COM) — Neiman Marcus is asking a federal bankruptcy court in Texas to allow almost $10 million in pay raises for CEO Geoffroy van Raemdonck and seven other executives as the company goes through debt restructuring.

The proposed compensation plan covers staff who are “critical to day-to-day operations” and Neiman Marcus’ financial success during the bankruptcy process, according to a court filing.

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A Neiman Marcus department store is viewed on May 7, 2020. (Credit: MANDEL NGAN/AFP via Getty Images)

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Dallas-based Neiman Marcus filed for bankruptcy protection in May after the coronavirus closed its stores. The Dallas-based clothing and department store famous for its over-the-top holiday catalog offerings was already preparing for a court-led reorganization of its $5 billion of debt.

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