Like a glass slipper…

September 9, 2004

Troubled Footstar (FTSTQ), which filed for bankruptcy protection earlier this year, was the last company to file its K before the SEC closed for the Labor Day weekend last Friday. The company, which is working through what it describes as “accounting discrepencies” for its financials from 2002 and earlier and which warns investors on its website not to trust its earlier SEC filings, has found some extra cash to hand out retention bonuses to 33 of its top managers. In its K, the company says that it worked with Mercer Consulting on the program which will provide key employees with bonuses ranging from a meager $15K to just shy of $1 million. Though the company doesn’t say who the hefty retention bonus will wind up going to, it’s probably safe to assume that it’s destined for someone in the executive suite.

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