I know very little about the bankruptcy procedure and searching online has only managed to confuse me further. Can somebody here please just explain to me what does this mean for severance? Will this affect it in any way? Will anybody receive anything from the company before it goes under?
5 replies (most recent on top)
Yes you will receive severance
Is it too late to steal stuff and sell it on eBay?
Employees are the last in line to get anything in a bankruptcy. Creditors are given priority and even that is prioritized. Larger powerful creditors get higher priority in getting paid over smaller creditors.
No severance or vacation pay
In the case of Barney's, they did not receive a severance nor vacation pay out.
If neimans decides to liquidate, it will be the same .
I would suggest anyone that is working there to
start the job search now .