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DISTRESSED DAILY: Mall Owner Offers Retention Pay to Whole Staff

Feb. 22, 2021, 1:00 PM

There’s not a lot of money to go around at Washington Prime Group. The mall operator said this month that it skipped a $23.2 million interest payment and brought on advisers to help to restructure its debt.

Yet that hasn’t stopped it from speeding up bonuses -- not just for the typical C-suite types but for the whole workforce -- starting this year. A compensation review concluded that the current pay program “would not be effective in motivating and incentivizing the company’s workforce,” Washington Prime said in a filing this month.

Almost $12 million in prepaid bonuses will go...

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