New York (CNN Business) As JCPenney struggles with missed debt payments and prepares for a possible bankruptcy filing, it approved bonuses of $1 million or more to its top four executives. JCPenney won't comment on its bankruptcy plans, but it disclosed that it missed two recent debt payments: $12 million due to bond holders on April 15, and a $17 million payment due on a credit line this past Thursday. JCPenney said the big paydays are designed to keep its top talent on board. Under the plan, the executives will have to repay 80% of their bonuses if they resign before January 31, 2021. They will have to repay the other 20% if specified milestone-based performance goals are not achieved.

Source: CNN May 13, 2020 20:15 UTC