The U.S. bankruptcy court in Indianapolis has approved an employee incentive program that would pay key executives of HHGregg Inc. a total of $675,000 if certain goals are hit as the company winds down, the Indianapolis Business Journal reported today. The court’s approval of the incentive program, reported in a U.S. Securities and Exchange Commission filing on Monday, is part of the Indianapolis-based electronics and appliance retailer’s chapter 11 bankruptcy. HHGregg failed to find a buyer and closed all 220 of its stores in the spring. Executives eligible for the bonus include Kevin J. Kovacs, the company’s chief financial officer who now also is serving as CEO through the bankruptcy. Former CEO Bob Riesbeck left in early June.
