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.
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.