J.C. Penney is proposing a payment program that it argues will help it retain a large group that it refers to in court filings as “key employees,” but which would exclude top executives.
Such so-called KERP programs are a common feature of corporate bankruptcies, and prone to scrutiny as retailers in bankruptcy are also often simultaneously devising plans to close stores and let go of employees. The retailer described the proposed program as a “continuation” of the kind of bonuses it normally offered employees in addition to their base pay. Without such incentive payments, the company risked losing employees with “institutional knowledge,” according to a declaration filed by Ryan Beger, a consulting director at Willis Towers Watson US LLC, which Penney’s had hired in April.
Such “commercial information” should be protected because it would give competitors a window into its operations and information that could be used to poach talent, the retailer argued.
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