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Golfsmith International Holdings KERP Approved

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The U.S. Bankruptcy Court issued an order approving Golfsmith International Holdings’ key employee retention program (KERP).

As previously reported, “To successfully implement the recent sale of substantially all of Golfsmith’s assets, the sale of Golf Town and related transition services, and the orderly wind down of the Debtors’ estates, the Debtors must retain certain key employees. These employees are crucial, based on their experience, institutional knowledge, expertise, and vendor relationships, to providing services supporting (i) the store liquidations and transactions currently taking place as part of the sale of assets recently approved by the Court, (ii) the Transition Services Agreement with the Canadian purchaser of Golf Town (the ‘TSA’), and (iii) the wind-down of the Debtors’ bankruptcy estates. Accordingly, subject to the Court’s approval, the Debtors intend to adopt a Key Employee Retention Plan (the ‘KERP’) under which 127 of the Debtors’ non-insider employees (collectively, the ‘Key Employees’) will be incentivized to remain employed by the Debtors.”

Court-filed documents continue, “The maximum aggregate amount of Retention Bonuses that would be paid under the KERP is approximately $955,000, with an estimated average Retention Bonus per Key Employee of approximately $6,700….Significantly, $655,000 of the KERP will be funded from the Golf Town purchase price as consideration for the support services that Golfsmith is required to provide under the TSA.”

Read more Golfsmith bankruptcy news.

The post Golfsmith International Holdings KERP Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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