RadioShack, which announced plans on Tuesday to close 1,100 stores, has agreed to pay top executives retention bonuses if they meet performance targets.
In a filing with the Securities and Exchange Commission, RadioShack reported that the decision was made “after giving due consideration of the skills and talent deemed critical to the company’s business turnaround efforts currently under way, the difficult business environment and the competition for skilled, talented employees,”
CEO Joe Magnacca will get a $500,000 payment, while other executives will receive $187,500 to $275,000, the company said in the filing.Commission, RadioShack reported that the decision was made “after giving due consideration of the skills and talent deemed critical to the company’s business turnaround efforts currently under way, the difficult business environment and the competition for skilled, talented employees,” To receive the bonuses, executives must stay at RadioShack thourgh March 1, 2015. Â