Can we get info directly from somebody in the closing stores, please? With people saying everything from no severance to reduced one to regular one, it'd be nice to hear it from somebody who actually knows for sure.
Please, I know this is not a good time for you (or any of us for that matter,) but I'd really appreciate some clarity on the matter.
On the severance side of things from Home Services we were told there won’t need to be a worry as they are looking for a buyer. But that being said, they were forced to continue paying for the benefits package they have for employees enrolled. The letter saying they would continue was not released until after they saw the judge and the judge denied their request. Severance packages for stores on the closing list that was approved by the judge, they do know if they have severance approved or not. The DM’s aren’t saying because they don’t want their employees jumping ship before the end but they have a plan they are not releasing. They will not be open about every move they are authorized to make by the judge. For the employees on those lists, start applying everywhere as it’s better for your financial security to have a new job that is as secure as any job can be when the company is not in BK. Amazon has also upped their pay to starting out at $15 an hour and they have better benefits than Sears has ever offered us.
You may get a retention bonus, but there will be no severance. The court would have to approve a severance, but there are too many “secured” creditors ahead of you that legally must be paid. Paying severance is a voluntary act. So sorry.
Not sure of all the specifics but I worked for a retailer that went bankrupt and out of business. The store I was at was one of the last to close, We all received a severance because they want and need your services. If no severance than they cant threaten you if you walk out or start giving generous discounts to friends and family, They need you!!!
What will really burn you is it is common and expected for top management to be awarded bankruptcy retention bonuses in the high five or low six figures if they agree to stay. They will literally be awarded for their failure. Sears will file this request in the next few weeks after the media scrutiny eases.
I really would not put too much faith in what a DM says.. they don’t want people leaving in droves so they will give you a slight bit of hope to keep you hanging on and not just walking away..
December they will know? When after Christmas, after the sales are a disappointment AGAIN so then company proceeds to Ch 7, then there is NO chance if severance.
I’d like to know why the big shots don’t have to sacrifice their bloated wages, say by 1/2.. instead of making over a million dollars cut them to $500,000, and if sales are the best in over 10 years they can get the other half..
Since the news broke about the bankruptcy our store just says “business as usual “ .
That’s the problem, business as usual has gotten sears/Kmart in this terrible position
No new ideas, no advertising, nothing to get those customers back into the stores
A continuation of failed leadership
We are doomed for sure!!
Good luck everyone
I’m from a closing store, our district mgr came yesterday and told us what he knew. With severance, he said it has to be court approved and we wouldn’t know until December. I’m not going to hold my breath, though.