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.READ MORE: VIDEO: Local Sign Spinner Aims For World Championship
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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.MORE NEWS: Former 737 Max Chief Technical Pilot Enters Innocent Plea To Charge He Deceived The FAA