ORISKANY, NY – The president of the union representing Tops Markets employees, said it is not “business as usual” to offer management bonuses while in bankruptcy status.
In a statement given to WNYNewsNow, Frank DeRiso, President of UFCW Local One, said the union will fight apparent attempts to cut pension contributions and award bonus money to management while the company works through bankruptcy.
On May 10, the United States Bankruptcy Court for Southern New York, will hear a motion filed by Tops Holding II approving a Key Employee Incentive Plan (KEIP). The KEIP is a management bonus plan requiring millions of dollars to go Tops management, DeRiso said.
“This is not business as usual, and we will vigorously object to any bonuses going to any management official while Tops is in bankruptcy. We hope that the Judge will not reward the people with the same bonuses that got this company in the mess they are currently in.” DeRiso said. “We can not stand by and let Tops management reap bonus rewards while our Tops members face pension cuts, reduced hours and higher health care costs.”
DeRiso added. “It’s outragious that Tops employees, vendors, landlords and suppliers will be taking a drastic haircut during these bankruptcy proceedings and Tops management wants to continue to be rewarded with undeserved bonuses.” DeRiso added.
WNYNewsNow will continue to follow this important story and will publish more coverage as warranted.
