Circuit City seeks incentives for wind-down
Business Law
Circuit City Stores Inc. is asking a U.S. Bankruptcy Court judge to allow it to give incentives to executives and other workers to stay with the company during the wind-down process, according to court filings.
The company said the bonuses are needed to dissuade the 154 employees from leaving before what was the nation's second-largest consumer electronics retailer closes for good.
Employee turnover threatens the wind-down plan and the company's ability to "maximize value for their estates and stakeholders," Richmond-based Circuit City said in the filing.
Circuit City has already had some key employees leave, including former chief financial officer Bruce H. Besanko, who will start in a similar role at OfficeMax Inc. on Feb. 16.
The company filed for Chapter 11 bankruptcy protection in November as it faced pressure from vendors, heightened competition and waning consumer spending. Last month Circuit City announced it would liquidate its 567 U.S. stores, cutting more than 34,000 jobs.
Going-out-of-business sales should last through March, after which the stores will be closed. A small staff will keep working at the corporate office through the process.
Under the company's proposal, 16 executives would split up to $2.3 million if they achieve specific target tasks such as staying within the wind-down budget and obtaining the sale of Circuit City's Canadian and Internet assets. The remaining non-managerial workers would share no more than $1.62 million.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.