Post by Logan on Mar 5, 2016 12:29:58 GMT -6
Former Piggly Wiggly Carolina Co. Inc. employees are seeking millions of dollars in lost retirement benefits in a lawsuit, alleging poor decisions and inaction by top company executives led to the ruin of one of the Charleston region’s most prominent retail businesses.
The two ex-workers, representing a group that could be larger than 1,000 people, said senior officials with the grocer and its parent, Greenbax Enterprises Inc., enriched themselves while the value of the employee-owned Piggly Wiggly stock plan plummeted by nearly 90 percent over eight years, “devastating the retirement accounts of thousands of company employees.”
The Northbridge Piggly Wiggly in West Ashley closed in 2013 after the company sold several stores. The building remains vacant, symbolic of the longtime retailer’s lost prominence in the Charleston region.
“This catastrophic decline decimated the retirement savings of thousands of Piggly Wiggly employees,” according to the complaint, which went on to say that most of the workers made less than $40,000 a year.
Read more: www.postandcourier.com/article/20160303/PC05/160309761/1505/former-piggly-wiggly-employees-sue-to-recoup-lost-retirement-benefits
The two ex-workers, representing a group that could be larger than 1,000 people, said senior officials with the grocer and its parent, Greenbax Enterprises Inc., enriched themselves while the value of the employee-owned Piggly Wiggly stock plan plummeted by nearly 90 percent over eight years, “devastating the retirement accounts of thousands of company employees.”
The Northbridge Piggly Wiggly in West Ashley closed in 2013 after the company sold several stores. The building remains vacant, symbolic of the longtime retailer’s lost prominence in the Charleston region.
“This catastrophic decline decimated the retirement savings of thousands of Piggly Wiggly employees,” according to the complaint, which went on to say that most of the workers made less than $40,000 a year.
Read more: www.postandcourier.com/article/20160303/PC05/160309761/1505/former-piggly-wiggly-employees-sue-to-recoup-lost-retirement-benefits