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Sears is seeking court approval to pay executives as much as million in quarterly bonuses while the company struggles to restructure in bankruptcy.Three top executives could get nearly million each if the company goes out of business. If Sears remains in business, they could get nearly 0,000 each for hitting the top performance targets.Sears filed two different types of bonus plans in bankruptcy court?Thursday. The first is for the top 18 "key" executives, who would collectively get as much as .1 million per quarter. The bonuses would only be paid in full if Sears reaches its cash-flow targets. Sears Holdings, which includes both Sears and Kmart, has been burning through cash at a rate of about 5 million a month.A second retention bonus plan was designed to encourage 322 other unnamed executives to stay put during Sears' reorganization. They would collectively get .9 million a quarter, which works out to an average of about ,000 per quarter per executive. No executive could receive more the 0,000 in bonuses for staying with the company during the bankruptcy process.A judge's approval is needed before the bonuses could be paid. A hearing on the plans is set for December 20.The company wants to retain as many executives as it can, but Sears is laying off employees who staffed?hundreds of stores it is closing. Many hourly workers claim they will not be paid severance.Shelia Brewer, who worked for 17 years as a full-time hourly employee at a Kmart in Rockford Illinois, said the company told her she'd get eight weeks of severance. Instead, she received a letter saying that severance payments were being halted because of the bankruptcy, and she would get only the four weeks of pay she had already received."It hit me hard. I was already struggling as it was," she said. She said the bonus plan makes her angry."They say we can't get our severance because there's no money, but they're getting bonuses? It's like a slap in the face," she said.A Sears spokesman declined to comment on the bonus plan or its current severance policy.Eddie Lampert, the company's primary shareholder and chairman, apparently will not receive a bonus, according to the filing.The three top executives who were given the responsibility for running the company during its reorganization are in position for the largest bonuses. They are Chief Financial Officer Robert Riecker, Chief Digital Officer Leena Munjal and Gregory Ladley, president of the company's clothing and footwear business.Each could receive as much as 0,000 a quarter in bonus payments for hitting the maximum cash flow targets. They could receive four times that much if Sears goes out of business, in something the company called an "acceleration event."Retention bonuses for top executives are not unusual when companies go bankrupt. But bankruptcy law limits how much severance companies can pay.Toys "R" Us won approval for up to million in bonuses for 17 top executives a year ago during its failed attempt to stay in business, despite objections from employees groups and others."It's outrageous that the bankruptcy court is considering bonuses for Sears' high paid executives while laid off employees get their severance pay cut off," said Carrie Gleason, campaign manager for Rise Up Retail, a retail employee advocacy group. "This is exactly what happened at Toys 'R' Us. A handful of executives who couldn't save the company got millions in bonuses while tens of thousands of dedicated employees were denied their promised severance pay." 3581
Yes, that was me at the Cowboys game with George W. Bush over the weekend. Here’s the whole story. pic.twitter.com/AYiwY5gTIS— Ellen DeGeneres (@TheEllenShow) October 8, 2019 186

(CNN) -- Costco has built a cult following in the United States — now it's China's turn. The country's first Costco store is so popular that it had to shut down early on its first day because of too many shoppers.The retailer opened its first physical outlet in Shanghai on Tuesday morning, and it quickly got too crowded to stay open."The store has been clogged up with crowds," Costco said in a text message alert to its members in China. "To provide you with better shopping experience, Costco will suspend business in the afternoon. Please don't come."Police were deployed to restore order and manage traffic jams around the store, with law enforcement urging people to remain calm."For your safety, we hope citizens who want to go to Costco can maintain a rational attitude about consumption and avoid going out during rush hours. Those who have already gone there, you must follow orders," the Shanghai police said in a statement on its verified account on Chinese social network Weibo.The photos posted by police with the statement included one of a sign Costco put up outside the store, which read: "The parking lot is full. It takes three hours to wait."The company even issued an apology on social media for Chinese customers Wednesday, adding that it will put a cap on the number of customers allowed in the store to 2,000 and work with local police to "lessen the disturbance" to its neighbors.The road aheadWhile Costco has had an online presence in China for five years through a partnership with Chinese e-commerce firm Alibaba, the new brick-and-mortar store in Shanghai marks a significant investment.Costco's annual membership program, which accounts for the bulk of its profit, is also cheaper in China — it costs 299 yuan () compared to in the United States.But despite the early buzz around its Shanghai store, the US retailer will have to prove it can stick around for the long haul. It has to contend not only with global rivals like Walmart and big Chinese players like Alibaba and JD.com, but also with China's rapid economic changes and its growing online retail industry."There is big market potential for Costco in China, as its value for money strategy is attractive to many middle-class consumers," said Michelle Huang, an analyst at Rabobank in Shanghai."Whether Costco can succeed in the long term depends how well it can adapt to China's dynamic retail landscape," she added.Day one hypeWhile there are challenges on the horizon, the early hype around China's Costco stores is very real.Echo Zhou, a 28-year-old financial professional in Shanghai, said she arrived at 9:10 a.m., but didn't make it to the parking lot until an hour later and finally got into the store around 11 a.m."The surrounding roads were paralyzed. The highway nearby was also congested," she said."By the time I got in, there were crowds of old people who had already wiped out some shelves."Zhou said she decided to leave without buying anything as there was little room for shoppers inside the store, which was packed with crowds and the big shopping carts."I will give it another chance three months later as I've got the membership," she added. 3169
SAN MARCOS, Calif. (KGTV) - Upset parents are scrambling after the owner of a beloved preschool and daycare says she will be forced to shut down in a few weeks. ?18-month-old Merrick lights up when he goes to his daycare. More than a year ago, Brie Way enrolled her son at Intelli Children, both a daycare and preschool."It's not just a place. It's a home for kids," said Way.The home for more than 70 kids could soon be closing its doors."I feel sad for the children, parents and staff," said Carol Wilson, owner and director of Intelli Chidren.Ceiling stains in many of the classrooms mark the problem. Wilson says the leaky roof she noticed when she moved in eight years ago turned into big problem with this winter's rains, when several floods for them to cause of several occasions. According to Wilson, walls had to be cut out in most of the classrooms. Wilson says after the landlord declined the necessary repairs, she paid for the repairs so she could stay open. She then stopped paying rent early this year."The business was not viable anymore," said Wilson.She says negotiations stalled when her landlord declined a permanent fix and told her she had to close the school in early August. For Way, a single mom, panic is setting in. Affordable, quality child care is hard to find and she fears she'll be in the same boat she was a year ago."I called from Escondido to Oceanside, and found myself on 30 waiting lists ... It needs to stay open. There aren't a lot of good schools like this in the area. It would devastate the community I believe," said Wilson. The landlord declined comment, contending 'eight months of back rent' are still owed him. Wilson says it's closer to five months and she's willing to pay it if the repairs are done.Wilson says she and her husband are at retirement age and would not be opening the school at a new location. 10news has learned someone has stepped forward and expressed interested in taking over the school. More details could be learned next week. 2012
SAN DIEGO (KGTV) — The San Diego Planning commission Thursday voted to recommend a zoning change for a massive office complex along State route 56 in Torrey Highlands.The site in question is an 11-acre site just south of SR-56 near Camino Del Sur, surrounded on three sides by the Del Mar Mesa Preserve. Cisterra Development plans to build a 450,000-square-foot office complex, including a 7-story parking structure."Right now, San Diego is on the verge of a shortage of employment-suitable land for the kinds of innovation economy jobs that ... are coming to San Diego now. We need large lots of space for companies like Apple, Google, and Microsoft ... We try to bring homes near jobs, but we also need to bring jobs near homes. There are thousands of homes in the area," said David Dick of Cisterra Development.According to Cisterra, the project will lead to more than 1,900 jobs, described as "permanent and high-wage."Darshana Patel, a member of the Rancho Penasquitos Planning Board, is skeptical. She points to a nearby, even-larger office complex approved in 2013."It's approved, graded, and no one's interested. Also, these jobs are highly specialized. It's no given that our neighbors will fill these positions," said Patel.What Patel is sure of are the other impacts of the project, from more traffic in a highly congested area, to environmental impacts. One by one, dozens sounded their concern at a Planning Commission meeting, including members of planning, environmental and recreational groups. The connected preserves include protected vernal pools."It will permanently negatively impact one of the last remaining untrampled areas of native habitat and open space in San Diego," said Susie Murphy, Executive Director of the San Diego Mountain Biking Association."We are going to have human activity in the preserve. We'll have animal activity that will have to maneuver around it. It's a big concern," said Patel."It doesn't intrude into the preserve. The way it's designed protects against intrusion into preserve," said Dick.The developers point to natural barriers, including trees, and other project features aimed at reducing runoff and bird strikes. Opponents say those provisions don't go far enough.In the end, the commission unanimously voted to recommend the project with a modest reduction to the size. The proposed zoning change now moves on to the full council for a vote. Opponents say the size reduction is not adequate and say all options, including legal action, are on the table. 2524
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