Not quite misinformation. Let's say that they paid all the top people what sounds like to be ~$2.5million to stay. Last year they had sales of $2.5 Billion. So you're saying that it's not worth .1% (.001) of sales to try to retain the people you think can lead the company to solvency?
If you know the company is circling the drain, everyone starts heading toward the lifeboats. Having your key people bail is not a good thing to happen when you are trying to save the ship. I know, I was there. One company I worked for started to lose sales, people started heading for the door. Things got worse. As the warehouse/logistics guy, I was offered a 50% raise to stay. I turned it down. They offered me a 100% raise and a "Stay-on" Bonus. Couple of other folks also got a huge raise to stay, but the writing was on the wall. The Production Manager and some of his folks got big money, to turn as much raw material as possible into Finished Goods to sell. A couple of Sales folks to sell all the stuff, including all the equipment. The Maintenance Manager and some of his wrench monkeys. The job lasted about 6 months. Once Production was done, he turned in his keys and all the files of his people. Once the Sales folks were done, they turned in their keys and signed off on their files. Once all the machinery and equipment was gone, the Maintenance guy brought in his keys and the files on his people. Once I shipped out the last stuff from the warehouse, I fired my last forklift driver, then sat at a table and went through the motions of firing myself.
Me:"Well, you know why I called you in here don't you?"
Myself: "No, what's going on? Did I miss a memo?"
Me: "The company's shutting down and we're going to have to let you go."
Myself: "What?!?! Why?!?! I've been a good employee, never been late, always work hard..."
Me: "Sales have been waaaaaayyyyy down, we're letting everyone go..."
Etc, etc, etc.
Anyone that would have walked in would have been quite confused as to what was going on.
Anywho. I finished firing myself, finished up the paperwork showing that the warehouse was empty (and clean), did a walk through with the building owner, got him to sign off, then went and dropped off all the timecards, paperwork, and employee files at the lawyers office and went home to look for a new job.
I got 30% of my last paycheck and 10% of my "Stay-on" bonus.
So before you jump on them for "SEE!!! GREED!!! 1%!!!! EVIL!!!" it may because you need their leadership to try to save it. And it looks like they might have, had the Baker's Union agreed to the temporary cuts. Like Rev said, when the Teamster's are the voice of reason*, you know things are FUBAR.
*I worked as a supervisor in Teamster shop, Local 705 Chicago Independent "We don't work and you can't make us." I could tell them the sky is blue and one of the shop stewards would file a grievance that I was doing union work (TV weatherman).
