CIRCUIT CITY: Pay plan is OK’d
Written on February 27, 2009
Circuit City Stores Inc. received permission Wednesday to pay executives and other workers incentives to stay with the company as it winds down operations.
U.S. Bankruptcy Court Judge Kevin R. Huennekens approved the request for about $4 million that Circuit City said was needed to dissuade more than 150 employees from leaving the business before it closes for good.
If those employees meet targets set for them, Circuit City said it will add about $250 million to the company’s value to help it pay a growing list of creditors online payday advance.
FROM STAFF AND WIRE REPORTS; GAIL APPLESON AND JIM GALLAGHER CONTRIBUTED
Filed in: economics.