Crescent Jewelers key employee severance plan approved

By Caroline Salls

Pittsburgh, Sept. 16 - Crescent Jewelers obtained approval of a key employee severance plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Northern District of California.

Under the plan, key employees may be eligible for severance payments equal to one year's salary:

* If they are not offered equivalent employment by a third-party investor in a change of control of Crescent;

* If they are sooner terminated by Crescent without cause; or

* If they terminate their employment for good reason.

Also, the key employees will be required to waive their rights to receive severance from Crescent under any other plan or agreement.

Crescent, an Oakland, Calif.-based retailer, filed for bankruptcy on Aug. 11, 2004. Its Chapter 11 case number is 04-44416.

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