Bankrupt Kid Brands Wants Retirement Plan Scrapped
Law360, New York (March 21, 2016, 4:43 PM EDT) -- Defunct children's products manufacturer Kid Brands Inc. has asked a New Jersey bankruptcy judge to bless the termination of the retirement savings plan for employees of its nursery furniture line, a move the company says will benefit plan participants.
The formerly Rutherford-based company, which began selling off its divisions piecemeal amid Chapter 11 proceedings in 2014, told the court Friday that furniture division LaJobi Inc. ceased operations before the bankruptcy filing and LaJobi has no officer authorized to terminate the division’s 401(k) plan.
Kid Brands invoked the bankruptcy code provision giving the court “inherent equitable powers” to issue any order, process...
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