Tower Records Seeks Approval Of Employee Bonus Plan

Law360, New York (November 9, 2006, 12:00 AM EST) -- Despite being in the throes of liquidation, Tower Records Inc. has asked the bankruptcy court overseeing its case to approve a $275,000 bonus package aimed at encouraging employees to stay with the company while it winds down its operations.

The record company said that the program was critical to the completion of its liquidation.

However, not all employees are still welcome at Tower.

On Nov. 2, lawyers for the beleaguered music chain asked a bankruptcy judge to cut ties with founder Russell Solomon, the empire’s head...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.