Toys "R" Us has asked the bankruptcy court for permission to pay $16 million in bonuses to its top executives if the company is able to hit some financial targets during the upcoming holiday shopping season.

Toys "R" Us filed for bankruptcy in September, and now must get court approval for many of its basic business decisions. The court will have the final say on its incentive plan.

In the filing made with the court Wednesday the company argues the bonuses are necessary to get executives to perform at a high level during its bankruptcy.

"It is the [company's] employees - and more particularly the senior management team - that must execute at this critical juncture and provide the foundation for a successful turnaround," it said in the filing.