Harry & David Holdings Inc., Medford, Ore., will terminate its defined benefit pension plan, according to the company's Chapter 11 bankruptcy protection filing Monday.
The pension plan was valued at $19 million as of June 26, with liabilities of $30 million, according to the company's most recent annual report. The company froze the pension plan in June 2007 and moved employees to a 401(k) plan.
The company contributed $5.4 million to the plan in 2010 and plans to contribute $4 million in 2011, according to the annual financial statement.
The Pension Benefit Guaranty Corp. has not yet taken action to assume responsibility for the plan, PBGC spokesman Marc Hopkins said.
The company made its bankruptcy filing in US. Bankruptcy Court in Wilmington, Del.
A Harry & David spokesman could not be reached for comment.