Old Time Pottery modified employee incentive plan approved by court

By Caroline Salls

Pittsburgh, July 30 – Old Time Pottery, LLC received court approval to implement a key employee incentive plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Middle District of Tennessee.

In order to resolve informal objections raised by the U.S. Trustee overseeing Old Time Pottery’s Chapter 11 case and the official committee of unsecured creditors appointed for the case, the order said the company modified the KEIP to reduce the number of participants, increase the target metric to 95% and alter that target metric to represent sales forecast in Old Time Pottery’s debtor-in-possession financing budget.

Under the plan, 95 employees in three pools will receive 5%, 7% and 9% of their compensation, respectively, after review and approval of a quarterly measurement.

Old Time Pottery is a Murfreesboro, Tenn.-based home decor retailer. The company filed bankruptcy on June 28 under Chapter 11 case number 20-03138.

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