Acme owner pays bosses $23M to go away
'Golden parachutes'
Acme owner pays bosses $23M to go away
Joseph N. DiStefano
Acme owner SuperValu is paying boss Wayne Sales and his three top lieutenants $23 million to go away as Cerberus Capital, Lubert-Adler and three other real estate investment firms take over the chain. More here from their hometown Minneapolis Business Journal.
Comments (4)
My bosses never paid me to go away. Why are they being paid?
Another in-depth analysis by Philly.com.— Sportyrider71
There is a link in the story to the Minneapolis Business Journal for those who want more info...- So, ACME takes another step toward extinction. They have already lost their competive edge with Wegman and ShopRite because of pricing. No management changes can save the company that doesn't have competive pricing. Period!— uppdben
- Now is the time for the new owners to leverage and borrow against every assest they have, squeeze the workers into taking less benefits and wages to keep the business afloat with the promise of keeping thier jobs, pay FAT bonuses to the executives and board members and then in about two years go bankrupt and lay off the workers. Oh yeah, and pay the executives FAT bonuses again and let the workers know they didn't fund their retirements. This sounds like the Hostess business model.— war vet x4
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Joseph N. DiStefano blogs about the latest news in the Philadelphia business community and elsewhere. Contact him at 215-854-5194.
Reach Joseph N. at JoeD@phillynews.com.
Joseph N. DiStefano
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