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Tops Holding II Objection Filed

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The International Brotherhood of Teamsters and its Local Union No. 264 (Teamsters), filed with the U.S. Bankruptcy Court an objection to Tops Holding II’s motion of Debtors for entry of an order approving Debtors’ (i) key employee incentive plan and (ii) key employee retention plan. The objection explains, “Debtors seek to provide more than $7 Million in bonus payments to 120 non-union personnel, or approximately 10% of their total non-union employees.

They would make these payments concurrent with their refusal to fully pay UFCW-represented employees’ pension benefits, their raid on more than 95% of the funds escrowed for Teamster pension contributions, and while maintaining their historically lucrative bonus and incentive plans for executives and other management personnel. Debtors cannot satisfy the requirements of 11 U.S.C. §503(c). First, the $7 Million dollars at stake would substantially increase, and in some cases double, certain beneficiaries already generous salaries at the expense of the estate and Debtors’ other employees, most particularly, the 660 employees represented by the Teamsters whose pension contributions were raided by Debtors over the last several months to the tune of $20 Million, who have been denied the ability to retire for more than four (4) years as the result of Debtors non-participation in a qualified pension plan, whose working conditions have deteriorated drastically as the result of unfair labor practice by the Debtors, causing these employees to have suffered wage losses.”

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