CALDOR RECEIVES COURT APPROVAL FOR EMPLOYEE RETENTION PROGRAM.NORWALK, Conn.--(BUSINESS WIRE)--March 27, 1996--The Caldor Corporation (NYSE NYSE See: New York Stock Exchange :CLD CLD Called CLD Cloud CLD Cleared CLD Chronic Lung Disease CLD Council for Learning Disabilities CLD Cooled CLD Chronic Liver Disease CLD Clear Direction Flag CLD Certified LabVIEW Developer CLD Causal Loop Diagram ) announced today that it has received approval from the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. to implement the company's performance retention program. The retention program is designed to enable Caldor to stabilize stabilize See peg. and motivate its employee base during the reorganization process. It covers 536 Caldor employees at various levels of the organization whom the company has identified as "key" to its operations. The program provides for the payment of cash bonuses to those key employees in two equal installments, on the effective date of a Plan of Reorganization and six months thereafter. For covered employees to participate in the program, the company is required to successfully emerge from Chapter 11. In addition, for the 15 most senior participants, full payment is also tied to growth in the company's earnings, above predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: targets. Retention programs of this kind are typical in Chapter 11 situations to prevent the departure of employees necessary to the company's successful operation and reorganization. Caldor's performance retention program, as approved by the court, has the full support of the company's Creditors Committee, Bank Committee and Equity Committee. Don R. Clarke, Chairman and Chief Executive Officer of Caldor said, "The program will play a critical role in enabling Caldor to retain its key executives, who are highly regarded within the retail industry, through the reorganization process. It will replace incentives that have been lost since the time of the filing, particularly stock related incentives, and restore compensation levels to where they were prior to the filing. This will put us in a better position to prevent departures of associates who are necessary to our successful emergence and future success." The Caldor Corporation is the fourth largest discount department store chain in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with annual sales of approximately $2.8 billion and approximately 24,000 associates. They currently operate 166 stores in 10 east coast states. With a strong consumer franchise in the high density/suburban markets, Caldor offers a diverse merchandise selection, including both soft line and hard line products. CONTACT: Media: Kekst and Company Wendi Kopsick/Jim Fingeroth 212/593-2655 or Investor Relations Investor relations The process by which the corporation communicates with its investors. : The Caldor Corporation Dave Peterson Dave Peterson, alias The Prodigy (born September 6, 1986) is a super middleweight professional boxer from Minnesota. Personal Life Peterson is a native of Mounds View, Minnesota. 203/849-2334 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion