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Ten key employees of bankrupt Midwestern grocery retailer Marsh Supermarkets can collectively earn bonuses of up to $1.1 million if they successfully help guide the sale of some of the company’s remaining 44 stores.
These employees, not identified by name in the company’s bankruptcy filing, are described as executives and officers, as well as accounting, real estate and legal personnel, the Indianapolis Business Journal (IBJ) reported.
Earlier this month, Indianapolis-based Marsh filed for Chapter 11 bankruptcy protection, announcing that it will close all of its remaining stores in Indiana and Ohio if it can’t find a buyer for them.
Bids will be taken until June 7; an auction is scheduled for June 12. Late last week, a bankruptcy court judge approved Marsh’s request for the incentive plan.
According to the IBJ report, the 10 employees are only eligible to receive bonuses if at least 15 stores are sold for continuing operation, proceeds exceed $25 million and the employees remain with the company until the transaction closes.