ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, August 30, 1996 TAG: 9608300030
SECTION: BUSINESS PAGE: A-11 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
A former executive with former Roanoke appliance retailer Holdren's Inc. has sued that company and its presidents for money he contends they owe him under an employment contract.
The suit was filed in Roanoke County Circuit Court by William E. Holdren Jr., who is seeking payment of $286,613.
Holdren's Inc. last month sold its assets to Holdren's of Virginia Inc., a new company controlled by principals of Crenshaw TV & Appliance Co. of Raleigh, N.C. Since that sale, Crenshaw has closed Holdren's Vinton store and put its own name on the four remaining outlets in the Roanoke Valley.
Holdren, a resident of Roanoke County who was secretary of the old corporation, said in his suit, filed Tuesday, that he signed an employment contract in April 1994. He said it contained a provision that he would refrain from competing with Holdren's Inc.
In return for that concession, he said, the corporation agreed to pay him $350,000 at the rate of $2,641 a month for 131 months.
He said the other defendants, Carl S. Cross and C. Stan Cross, guaranteed payments under the contract. Carl S. Cross had retired as president of Holdren's Inc. and was succeeded by his son, C. Stan Cross. Both live in Roanoke County.
C. Stan Cross was out of town and could not be reached for comment. But his father, Carl S. Cross said, "That is a sad situation. I don't know what to say right now."
Holdren said in his suit that the contract provided that any unpaid balance would become due immediately if the assets of the corporation were sold to anyone outside the blood line of Carl S. Cross.
He said neither the corporation nor its shareholders mailed to him the required written notice of the sale of the assets.
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