Bluestem Brands granted approval of $1.75 million incentive program

By Caroline Salls

Pittsburgh, April 15 – Bluestem Brands, Inc. obtained court approval to pay out $1.75 million under a non-insider key employee retention program, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The company said in the motion that 50 non-insider employees would be eligible to receive an average of $35,000 each under the program.

Participants will receive the awards to which they are entitled on the six-month anniversary of Bluestem’s bankruptcy filing date if the participant is employed by the company or, if a sale has occurred, with the winning bidder; was involuntarily terminated without cause by Bluestem or the buyer on or before the six-month anniversary of the filing; and has not received an offer of employment from the purchaser.

If a participant resigns, is terminated with cause or declines an offer of employment from a purchaser, he or she will not receive an award under the retention program.

Bluestem is an Eden Prairie, Minn.-based online retailer of a broad selection of name brand and private label general merchandise. The company filed bankruptcy on March 9 under Chapter 11 case number 20-10566.

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