PREIT, the owner of Willow Grove Mall (and others), is paying retention bonuses to certain employees “in an effort to ensure continuity and stability and to incentivize and retain employees,” according to an SEC filing. In May, the firm paid a $147,186 “special cash retention bonus” to an executive and has paid bonuses to keep other employees, writes Natalie Kostelni for the Philadelphia Business Journal.
PREIT is struggling with its stock trading below 40 cents a share at times. In the past year, PRET’s stock has ranged from 34 cents to $3.47 a share. Last Wednesday, shares were trading at 40 cents.
Retention bonuses are not new for PREIT, said Heather Crowell, a recent executive vice president with PREIT now with Gregory FCA, a public relations firm in Ardmore.
In March 2021, the company approved $2.75 million in “special cash retention bonuses” for some employees and $850,000 for executive officers.
PREIT emerged from voluntary Chapter 11 bankruptcy in December 2020 but still has $1.2 billion in debt. It has arranged to sell various properties to pay down the debt but those transactions have not yet closed.
Read more in the Philadelphia Business Journal about retention bonuses at PREIT.