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Strategies & Market Trends : Dino's Bar & Grill

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To: Clark Kent who wrote (31639)	7/17/2017 9:24:04 AM
From: Goose94	Read Replies (2) of 203541

Sears Canada plans to reward select employees with retention payments totalling up to $9.2-million while laying off thousands without severance. The "key employee retention plan" was approved by the Ontario Superior Court on June 22, when Sears initially filed for creditor protection and announced it would be closing 59 stores and laying off 2,900 workers. Under the court-approved plan, 43 senior management and key employees will receive up to $7.6-million while Sears restructures, and 116 employees of closing stores will receive up to $1.6-million. The payments to senior management would be made in several instalments over 180 days, and closing store employees would receive bonuses equal to 25 per cent of their base salary once the store is shuttered. According to a court document, payments are intended to encourage participation of senior management who are required to guide the business through restructuring. The decision to pay executives while not offering severance payments to laid off employees was criticized by many former workers. A court-appointed representative of retired employees called the move "unfair."

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