Tower Records requests court approval of $275,000 employee incentive, retention program

By Caroline Salls

Pittsburgh, Nov. 9 - Tower Records requested court approval of an employee incentive and retention program, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Tower said the program is geared toward about 60 employees who will remain with the company at least through conclusion of its store closing sale process or through the wind-down of operations.

The maximum cost of the program will be $275,000, the filing said.

Participating employees will be eligible to receive a bonus payment based on a portion of the employee's current annual salary, the length of time they are requested to stay with the company and the level of responsibility.

Tower Records has requested that a hearing be scheduled for Nov. 16.

Tower is a subsidiary of Sacramento, Calif.-based MTS Inc. The company filed for bankruptcy on Aug. 20. Its Chapter 11 case number is 06-10886.

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