A worker cleans the sidewalk outside a closed Sears store in Dartmouth, Npva Scotia on October 11, 2017. The court approved Sears Canada's bid to liquidate its roughly 130 remaining stores, the decision will send shoppers, employees and mall owners in dozens of smaller Canadian cities scrambling to find alternative shopping destinations, jobs and tenants.
Photo Credit: CP / Andrew Vaughan

Sears stores begin liquidation sales today


Sears begins their final chapter with liquidation sales today in stores across Canada.

Managers and former executives walk away with big cash bonuses

The retailer, that was part of the Canadian landscape in 130 locations, is leaving many former employees in deep financial trouble, while managers and former executives walk away with big cash bonuses.

Sears executives, Daniel Westreich, left, Associate V-P, Senior Corporate Counsel at Sears Inc., Philip Mohtadi, centre, General Counsel and Corporate Secretary at Sears Inc., Billy Wong, right, Chief Financial Officer at Sears Inc., arrive at the Ontario Superior Court in Toronto on Friday, October 13, 2017. Sears was seeking approval for a full liquidation of its remaining stores as early as today, putting another 12,000 employees out of a job. © CP/Nathan Denette

Bonuses were only to be paid if the company had found a way to continue.

Sears Canada, however, received court approval yesterday, to continue paying retention bonuses to managers, executives and key staff overseeing the liquidation, totalling $2.8 million (Cdn).

From this past June when the company filed for insolvency until it closes for good, Sears will have paid $6.5 million in bonus payments to head office staff.

“I’m really upset. I’m disgusted with this company”

“Can I use the F-word?” Mina Iannino asked a CBC reporter in Toronto.

Iannino lost her Sears merchandising job in March, and then had her severance cut off in June. 

“I’m really upset. I’m disgusted with this company,” she said about the ongoing bonus payments.

She is one of more than 16,000 employees across the country either already out of work, or soon to lose their jobs.

Most will only get tiny severances and eventually reduced pensions.

The staff receiving the retention bonuses will manage the liquidation sales, the sale of Sears assets, human resources, pensions issues and financial matters.

It will be a different Christmas shopping season for the many Canadians who over the last 65 years, counted on Sears to provide everything from the toys under the tree to the snowsuits and boots needed for another winter season.

Posted in Economy, Society

Do you want to report an error or a typo? Click here!

@*@ Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

 characters available

Note: By submitting your comments, you acknowledge that Radio Canada International has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Radio Canada International does not endorse any of the views posted. Your comments will be pre-moderated and published if they meet netiquette guidelines.

Netiquette »

When you express your personal opinion in an online forum, you must be as courteous as if you were speaking with someone face-to-face. Insults and personal attacks will not be tolerated. To disagree with an opinion, an idea or an event is one thing, but to show disrespect for other people is quite another. Great minds don’t always think alike—and that’s precisely what makes online dialogue so interesting and valuable.

Netiquette is the set of rules of conduct governing how you should behave when communicating via the Internet. Before you post a message to a blog or forum, it’s important to read and understand these rules. Otherwise, you may be banned from posting.

  1. RCInet.ca’s online forums are not anonymous. Users must register, and give their full name and place of residence, which are displayed alongside each of their comments. RCInet.ca reserves the right not to publish comments if there is any doubt as to the identity of their author.
  2. Assuming the identity of another person with intent to mislead or cause harm is a serious infraction that may result in the offender being banned.
  3. RCInet.ca’s online forums are open to everyone, without regard to age, ethnic origin, religion, gender or sexual orientation.
  4. Comments that are defamatory, hateful, racist, xenophobic, sexist, or that disparage an ethnic origin, religious affiliation or age group will not be published.
  5. In online speak, writing in ALL CAPS is considered yelling, and may be interpreted as aggressive behaviour, which is unpleasant for the people reading. Any message containing one or more words in all caps (except for initialisms and acronyms) will be rejected, as will any message containing one or more words in bold, italic or underlined characters.
  6. Use of vulgar, obscene or objectionable language is prohibited. Forums are public places and your comments could offend some users. People who use inappropriate language will be banned.
  7. Mutual respect is essential among users. Insulting, threatening or harassing another user is prohibited. You can express your disagreement with an idea without attacking anyone.
  8. Exchanging arguments and opposing views is a key component of healthy debate, but it should not turn into a dialogue or private discussion between two users who address each other without regard for the other participants. Messages of this type will not be posted.
  9. Radio Canada International publishes contents in five languages. The language used in the forums has to be the same as the contents we publish. The usage of other languages, with the exception of some words, is forbidden. Messages that are off-topic will not be published.
  10. Making repetitive posts disrupts the flow of discussions and will not be tolerated.
  11. Adding images or any other type of file to comments is forbidden. Including hyperlinks to other websites is allowed, as long as they comply with netiquette. Radio Canada International  is in no way responsible for the content of such sites, however.
  12. Copying and pasting text written by someone else, even if you credit the author, is unacceptable if that text makes up the majority of your comment.
  13. Posting any type of advertising or call to action, in any form, to Radio Canada International  forums is prohibited.
  14. All comments and other types of content are moderated before publication. Radio Canada International  reserves the right to refuse any comment for publication.
  15. Radio Canada International  reserves the right to close a forum at any time, without notice.
  16. Radio Canada International  reserves the right to amend this code of conduct (netiquette) at any time, without notice.
  17. By participating in its online forums, you allow Radio Canada International to publish your comments on the web for an indefinite time. This also implies that these messages will be indexed by Internet search engines.
  18. Radio Canada International has no obligation to remove your messages from the web if one day you request it. We invite you to carefully consider your comments and the consequences of their posting.


One comment on “Sears stores begin liquidation sales today
  1. FRANK says:

    Can’t the FEDERAL GOVERNMENT do something to stop the executives from getting such big bonuses and use some of that to pay employees more that are laid off? Talk about unequality and greed.