Management disarray during the final weeks of Christmas Tree Shops Inc. will block store employees from getting bonuses they were wrongly promised to stay on the job during going-out-of-business sales, according to the bankrupt discount retailer’s lender.
At the start of a court hearing Wednesday, a disagreement between company managers and the lender who funded the chain’s liquidation threatened to obstruct paychecks for about 1,500 store employees until US Bankruptcy Judge Thomas M. Horan vowed to reject all lawyer fees unless the workers were paid.
“Clearly there are a series of problems that led to the situation we find ourselves in today,” Horan said during an unusual court hearing in Wilmington, Delaware. Horan halted the proceedings shortly after the dispute surfaced and ordered the two sides to try to find a solution. When they returned to court in the afternoon, the lender agreed to release more than $1 million to pay the store employees, but balked at the bonuses and put off a decision about final paychecks for office employees at the company’s headquarters in Middleborough, Massachusetts.
Horan said his understanding of the deal to pay store workers means that headquarters employees are likely to be paid eventually as well.
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