Bankrupt Furniture Brands Seeks To Hand Out Bonuses
Law360, New York (September 13, 2013, 6:48 PM EDT) -- Bankrupt Furniture Brands International Inc. on Wednesday asked a federal judge in Delaware to let it pay more than $5 million in bonuses to 55 employees, including seven company insiders, if its assets are successfully sold at auction.
The manufacturer, which hasn’t made a profit in six years, said the bonuses would be paid for reaching incentives that “will not be easy.”
“A company’s decision to file for Chapter 11 necessarily creates difficulties for its employees and can lead to retention problems, low morale and low productivity,” Wednesday’s motion said. “Unfortunately, those negative consequences affect the company’s ability to continue its...
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