Tutti Frutti Yogurt leases restaurant space at Regency Centers’ Legacy Center
Frisco, Texas — Jacksonville, Fla.-based Regency Centers said it has leased restaurant space to Tutti Frutti Yogurt, which will open a 1,412-sq.-ft. store at Legacy Center, in Frisco, Texas.
The specialty frozen yogurt retailer is slated to open its new store in July.
The 119,500-sq.-ft. shopping center includes national retailers such as Starbucks, Subway, Great Clips and The UPS Store.
Borders bonus plan for executives gets OK
New York City — Borders Group won approval of an amended executive bonus plan after a judge sought changes to resolve objections from an arm of the U.S. government that oversees bankruptcies, Bloomberg reported.
Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan said the amended bonus packages, which tie the $6.6 million in payments closer to the financial performance of Borders, were needed so Borders could "maintain its experienced work force."
The revised plan is “is in the best interests of the debtors, their estates, and creditors,” Glenn said in the order.
Ten participants in the bonus plan will be paid a bonus of 40% to 125% of their base salary if the company achieves certain benchmarks, according to court papers, the report said,
The low range of bonuses will be paid if Borders negotiates at least $10 million in annual rent reductions on its store leases, and senior management will get 125% of their base salary if they recover more than $95 million for unsecured creditors, Bloomberg reported.
Borders filed for bankruptcy in February 2011.
Abercrombie & Fitch’s CEO compensation package down 38%
New York City — The chairman and CEO of Abercrombie & Fitch Co. received a pay package worth $22.5 million, down 38% from last year, mostly because of a reduction in option awards, according to an analysis by The Associated Press.
Jeffries, 66, received a base salary of $1.5 million and a performance-based bonus of $2.3 million, according to a filing with the Securities and Exchange Commission.
He received option awards worth $14.1 million on the date they were granted, down 58% from the prior year.
He also received other compensation worth $4.6 million, including a previously disclosed $4 million payment for eliminating unlimited personal use of the company aircraft. If Jeffries terminates his contract without good reason, he’ll have to repay part of the $4 million.