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.
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.