Thread regarding Sears layoffs

Severance - chapter 7/ chapter 11 question

If you read the severance package paperwork and you signed it, there is a clause that basically states that "While Sears intends to fulfill the severance in full, it can stop it at any time and for any reason"...therefore, if they stop it due to a chapter 7/11 etc ....you could file a complaint but I think it would get thrown out by the court due to that severance package agreement. Hopefully you filed for U.I. if in Illinois and at least you will receive that while looking for another job.

Can anyone confirm this?

by Anonymous
| 1326 views | | 8 replies (last October 10, 2018) | Reply
Post ID: @OP+VzSl8uU
Comment! It's anonymous!

8 replies (most recent on top)

401k is fine. They are manahed by banks and not sears

by Anonymous
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Post ID: @jvm+VzSl8uU

What about 401k?

by Anonymous
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Post ID: @uhu+VzSl8uU

Sears are 6 weeks behind on paying the liquidators

by Anonymous
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Post ID: @pwo+VzSl8uU

Severance is up to judge to decide once bankruptcy is filed . You must file a claim to court just like vendors do . First 90 days of declaration then judge has 90 days to decide . Max benefit payable is $12,756 for 2019 . March 2016 law revision from 2011 original law were it stated no severance paid

by Moonman
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Post ID: @lye+VzSl8uU

After bankruptcy is declared there will be no severance.

If you already receive severance as part of a previous departure, will will not receive further payments.

For those still working, review what happened in Canada. It will will you a clear picture. It was Eddies' proving ground.

by Anonymous
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Post ID: @qyd+VzSl8uU

The next pay check for salaried associates is 10/15/18, or for those on severance ..... we will just have to wait and see what happens. I will keep an eye on this, if problems will call benefits / HR and then I will post a response to everyone so you know what to expect.

by Anonymous
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Post ID: @ean+VzSl8uU

I believe you will continue to get severance if you are already drawing it. You signed a contract precluding your right to sue in consideration of the receipt of that money. If you are not drawing severance the new owners won't pay you severance , IMO.

by Anonymous
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Post ID: @lun+VzSl8uU

There is no more severance, period. Accept it.

by Anonymous
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Post ID: @war+VzSl8uU

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