“On April 26th A&P submitted a revised incentive plan to U.S. Bankruptcy Court that would provide its top executives with up to $3.7 million in performance bonuses. The incentive plan replaces the one that was opposed by us and other creditors and was rejected by the bankruptcy judge in the case last month.
As we did previously, UFCW Local 1500 opposes A&P's latest plan to reward their top executives while our members continue to suffer. It is outrageous for top executives to continue seek bonuses that total up to $3.7 million while asking our members to continue to shoulder real sacrifices.
A&P continues to exhibit such indifference to the hardships of our members. Company executives that have been with this company for no more than a year in some cases are seeking to benefit from the hard work our members have put in over the last few decades in order to keep their paychecks coming. They seek to transfer money out of the pockets of our members and into their own pockets. That is not a responsible reorganization plan.
It has been over 130 days since A&P filed for bankruptcy and A&P still has no turnaround business plan, yet they continue to lobby the courts for bonuses. That is irresponsible and indicative of the management problems that have brought is to this point.
UFCW Local 1500 will continue to oppose these “Key Employee Incentive Plans” until they realize that the “Key” employees are the members of our Union working in the stores.”
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