Sears retention bonuses to be paid, thousands laid off

Sears retention bonuses to be paid, thousands laid off

While thousands of former employees of Sears have not received severance pay , the company expects to pay high premiums to its senior executives.

According to court documents, Sears plans to pay up to $ 7.6 million to 43 senior executives at the company’s head office in Toronto.

Sears Canada notes that these payments, which are part of an employee retention program, have been approved by the Ontario Superior Court of Justice.

Payments that are essential to retain staff during the restructuring period, “said company spokesperson Joel Shaffer, e-mail:” In this context, the absence of the employee retention program could Negative impacts on stakeholders. ”

Senior executives targeted by the company will receive additional amounts of 25 to 100% in addition to their base salary. 75% of premiums will be paid within six months and the final quarter will be remitted at the end of the restructuring period.

In addition, Sears plans to pay up to $ 1.6 million to 116 employees with several years of service. They will oversee sales to branches that have announced their closure.

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