Unions think they own the business. Union represents labor and they work for mgt. What the CEO earns is between the common stock holders, the owners, and the B of D's. Stock holders should fire the B of D's, but that is a different problem.
If mgt can't or won't pay higher wages and feel they must close the company, that is a mgt decision.
If unions were smart, instead of striking for a few cent raise, why haven't they been buying common stock and own the company. Then they could dictate all wages and benefits even for the Ceo.
Wake up unions.