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On Thursday, March 3, 2011, UFCW Local 1500 along with Creditors and Trustee’s objected to the Great Atlantic & Pacific Tea Co.’s bid to pay out $6.8 million in bonuses for their “key employee retention plan”. A&P’s ‘retention plan’ asks for a loan of $6.8 million to pay 146 non-union employees, $1.76 million of that going to their top four executives. The plan could allow the four senior executives to earn 175% of their base salaries while providing 100% bonuses for other participants. Local 1500 is shocked A&P made this request since they have yet to establish a one-year business recovery plan. We valiantly oppose their bid for a bonus plan and urge A&P to focus on rebuilding their historic company.
Local 1500 Secretary-Treasurer Tony Speelman expressed his frustration; “Their plan is to take care of the executives who brought them to their current bankruptcy state right now. Our members are insulted and saddened that A&P continues to focus on short-term goals like paying executives rather than creating a solid, sound business plan to bring this company back to the top of the grocery industry. “
Today, both the Wall Street Journal and the Dow Jones Daily Bankruptcy Review, wrote about Thursday's objection to A&P's 'Employee Retention Plan'. please follow the links above and read them.
We will be discussing Pathmark/A&P and much more at our next General Membership Meeting, March 9, 2010. For questions or comments please contact your union representative, or email us at email@example.com.
Social Media Note: In effort to save tweet space, our Twitter handle is now @UFCW1500