February 13, 2019 / 10:49 PM / 6 months ago

U.S. trustee slams bankrupt retailer Gymboree's executive bonus plan

The U.S. government’s bankruptcy watchdog is calling for an order rejecting an executive bonus plan proposed by children’s apparel retailer Gymboree Group Inc, saying it is the kind of pay-to-stay plan that spurred changes to the Bankruptcy Code.

The U.S. trustee in a filing on Tuesday in U.S. Bankruptcy Court in Richmond, Virginia, blasted Gymboree’s $2.2 million key employee incentive plan, or KEIP, taking issue with it for offering up to $400,000 for one executive of the retailer’s Janie and Jack brand.

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