New York – Amongst all of Bed Bath & Beyond’s just lately dismissed workers, one is owed a 7-figure severance bundle – and he’s suing the retailer to pay up.
Former CEO Mark Tritton, who was let go in June 2022 amid a cratering gross sales, filed go well with towards Mattress Bathtub & Past late final week within the State Court docket of New York. He claimed the corporate has did not honor his $6,765,000 severance settlement, in keeping with experiences from CNBC and different monetary information retailers.
The corporate ceased making the agreed-upon bi-monthly funds in January because it scrambled to protect money, in keeping with the criticism.
“Tritton additionally accused the corporate of ‘dangerous religion’ for proposing a ‘buyout’ of his severance at a reduction however provided that efficiency improves, even because it has resumed paying severance to some former workers,” Reuters reported.
Tritton filed go well with within the Manhattan court docket a day after Mattress Bathtub & Past introduced plans to promote $300 million value of its shares because it seems to lift extra cash and stave off a chapter submitting.
“Tritton’s authorized submitting comprises a ‘shocking’ stage of element concerning the enterprise,” GlobalData retail analyst Neil Saunders told Business Insider. “The failure of that technique was not his fault although, the go well with says.”
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