Copeland Sports requests court permission to implement employee retention plan

By Jennifer Lanning Drey

Portland, Ore., Dec. 12 - Copeland Sports requested court approval of an employee retention plan that would provide cash bonuses to key employees who remain with the company to help with its wind-down activities and plan of liquidation filing, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The retention plan is expected to cover 16 non-insider employees and cost roughly $90,500, according to the motion.

The bonus amount assigned to each employee is based on a multiple of the employee's monthly pay.

The company said it is critical that it be able to retain the eligible employees in order to facilitate the continued operations and administration of its Chapter 11 case during the liquidation and wind-down processes. Eligible employees will play vital roles in areas including cash management, sale and liquidation of assets support and closing out remaining facilities, the company said in the motion.

A hearing has been scheduled for Jan. 10.

Copeland, a San Luis Obispo, Calif., regional specialty sporting goods retailer, filed for bankruptcy on Aug. 14. Its Chapter 11 case number is 06-10853.

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