Mark Tritton is suing Bed Bath & Beyond in New York State Supreme Court in a complaint that spells out what he was due and why it was not paid.
The complaint, filed by Tritton attorneys Moritt Hock & Hamroff LLP, characterized the suit against the company as “a breach of contract action for which defendant concedes there is no defense.”
When Tritton, who was the retailer’s president and CEO from November 4, 2019, through June 23, 2022, exited Bed Bath & Beyond, he entered into a separation agreement and general release that amended the severance benefits outlined in his employment agreement, the complaint stated. The separation agreement included the payment of $6,765,000, based on Tritton’s salary and expected annual bonus, in ratable installments over a 24-month period beginning in July 2022, payments Bed Bath & Beyond made until January 2023. On January 18, the complaint indicated, David Kastin, Bed Bath & Beyond legal counsel, informed Tritton that it would cease payments due under the separation agreement.
The complaint continued:
In several discussions between Kastin, Tritton and Tritton’s counsel, Kastin explained that the sole basis for stopping the payments owed to the plaintiff under the separation agreement was to preserve Bed Bath & Beyond’s cash reserve. In those discussions, Bed Bath & Beyond conceded Tritton was – and is – entitled to those payments and that Tritton complied with all requirements and/or conditions precedent to entitle him to those amounts.
Though it recently received significant infusions of funding and, upon information belief, has resumed making severance payments to other former Bed Bath & Beyond employees, Bed Bath & Beyond has continued to breach the separation agreement by withholding the amounts due and owing to Tritton, without any indication that it would resume paying those amounts.
The complaint went on to say that Bed Bath & Beyond has suggested that it might consider a buyout of the severance payments, which potentially could include a sum lower than the contractually-agreed amount if the company’s performance improves.
“There simply is no basis for Bed Bath & Beyond’s attempt to re-trade on the terms of the separation agreement,” the complaint asserted.
