Thread regarding Sears layoffs

I personally know someone(FT at HQ) who got 8 weeks of severance.

I’m in a closing store this month. Is severance back?

Just realized more than half of this did not post previously

SUMMARY OF TRANSITION PAY PLAN PACKAGE FOR FULL-TIME MANAGEMENT, SALARIED AND

HOURLY BENEFITS PLUS FIELD ASSOCIATES

1. ELIGIBILITY

 Full-time management and salaried as well as Hourly Benefits Plus field associates with at least one year of

continuous service

 Must not have been offered a comparable job or accepted a non-comparable job

 Must be employed as a full-time management, salaried or Hourly Benefits Plus field associate until the date set by

the Company

 Must execute (and not revoke) a General Release and Waiver

1. SEVERANCE ALLOWANCE

 1 week of pay for each completed year of continuous service (assuming completion of at least one year of continuous

service) with a maximum of 10 weeks

 Completed years of continuous service are calculated as of your last anniversary date prior to and including the last

day worked

 For associates with interruptions in service, the most recent service date is used to calculate anniversary date unless

the interruption was for fewer than 91 days (prior to June 1, 2005, fewer than 12 months) and the associate has not

previously received severance pay from the Company, in which case the original service date will be used

 Severance is paid as salary continuation

 Severance pay is subject to reduction by compensation received from other employment

1. VACATION/HOLIDAYS

 Accrued through the last day worked (no vacation accrual for associates covered under the Non-Accrual Vacation

Plan)

 Accrued but unused vacation is paid at the onset of severance salary continuation, unless the Associate does not sign

the General Release and Waiver, in which case this amount would be paid as soon as administratively feasible after

the review period for the General Release and Waiver (no vacation payment for associates covered under the NonAccrual

Vacation Plan)

 Personal days (if applicable) not taken prior to the last day of work will not be paid (except in North Dakota)

1. LEAVE OF ABSENCE

 Associates are placed on leave of absence for the duration of salary continuation

 Leave of absence begins the day following the last day worked

 Associates may be entitled to up to an additional 12 months of leave of absence following the end of salary

continuation if they are within 12 months of attaining one of the following age and service milestones at the time

salary continuation ends. In such cases, the leave will end upon attainment of the milestone.

 Retiree Medical and Associate Discount

 age 50 with at least 10 years of service

 Pension Plan

 Eligibility for the optional lump sum form of payment:

 Sears Legacy Participant: The earlier of (i) age 55 with 20 years of service or (ii) age 60 with 10 years of

service

 Kmart Legacy Participant: Termination date (the date severance ends) on/after December 28, 2015, and

on termination date, (i) is vested and (ii) has reached age 55

 Eligibility for subsidized early retirement reduction factor:

 Sears Legacy Participant: Age 55 with 10 years of service

 Kmart Legacy Participant: A combination of age and service equaling at least 90

 Termination/retirement for certain benefit purposes delayed until leave of absence ends

 Service credit accrued during leave and certain benefits may be continued during leave

 Benefit contributions are deducted by salary continuation or paid manually if no salary continuation

 No LTD or Company Paid Life coverage while on leave

 No 401(k) contributions while on leave

 Outstanding 401(k) loan repayments continue through payroll deduction during salary continuation

SUMMARY OF TRANSITION PAY PLAN PACKAGE FOR FULL-TIME MANAGEMENT, SALARIED retirees may be eligible for retiree medical coverage

 Dental and vision coverage may be continued under COBRA

 Optional Life, Group Universal Life (GUL), and Group Variable Universal Life (GVUL) coverage may continue

with premiums being paid directly to the carrier

 You may keep or sell any stock that you have purchased through the Associate Stock Purchase Plan

 You may continue some voluntary benefits following termination by making direct payments

 Discount eligibility ceases at termination, except for associates and their spouses eligible as retirees

@1anq

Nope - thats only misdemeanor disorderly conduct

If you miss Easter and the easter bunny egg hunt thats felony disorderly

Wonder if misconduct would include not showing up for a scheduled shift on thanksgiving?

We also got that email yesterday too!! Wth? I was really confused by it but now thank you for the clarity guys! Oh and i love hownin the email it states "must not execute and not revoke a general release waiver" uh yea no im good also this too " The company will not contest your application for unemployment compensation unless you refuse a comparable job or are terminated for dishonesty or misconduct" any thoughts on this?

My husband is a 41 year sears auto center mgr. They had told him in September if he moved to a closing store he would get 20 week severance and could take lump sum pension. Then Oct 15th came and that went out the window.

He got this yesterday, but that below what we got yesterday is the motion the court needs to rule on at hearing Nov 15th. The motion says it is to authorize but not directing sear to pay.

SUMMARY OF TRANSITION PAY PLAN PACKAGE FOR FULL-TIME MANAGEMENT, SALARIED retirees may be eligible for retiree medical coverage

 Dental and vision coverage may be continued under COBRA

 Optional Life, Group Universal Life (GUL), and Group Variable Universal Life (GVUL) coverage may continue

with premiums being paid directly to the carrier

 You may keep or sell any stock that you have purchased through the Associate Stock Purchase Plan

 You may continue some voluntary benefits following termination by making direct payments

 Discount eligibility ceases at termination, except for associates and their spouses eligible as retire

Motion before the court

1. Final Authority re: Motion of Debtors for Entry of an Order (I) Authorizing but Not

Directing the Debtors to (A) Pay Certain Prepetition Wages and Reimbursable

Employee Expenses, (B) Pay and Honor Employee Medical and Other Benefits, and

(C) Continue Employee Benefits Programs, and (II) Granting Related Relief (ECF Nos.

31 and 114)

Creditors control the company now. Severance is not a legal obligation and policy says it can be discontinued at any time. It is discontinued; suppliers want to get paid what is contractually obligated, your severance is not contractually obligated.

I really hate to be a buzzkill, but even if the court approves it, severance is a unsecured obligation. All legal issues would first have to be resolved, PLUS there would have to be money left over after all the secured creditors are paid. TLDR it will be months or years for legal stuff, and highly unlikely there will be any cash to pay you. Don’t hold your breath.

I can confirm a communication was sent out to store managers this morning regarding severance. It is pending court approval and yes, they did cut it in half

YOU DON'T GET SEVERANCE AT ALL!

THERE IS NO SEVERANCE!

Do NOT believe differently because you will be in for a REAL DISAPPOINTMENT!!!

-If your store closes, you get your last pay check, nothing more!

-If your position is eliminated, you get your last pay check, nothing more!

-If the company folds, you get your last pay check (if you are lucky), nothing more!

There you go. Hopefully that will save everybody the inevitable grief and heartache when the gavel falls. Leave now if you need a job!

This sounds like a transparent attempt to trick people into not walking out before Black Friday.

I will post the verification link to the conversation I was just in. The link will take you back in time and allow you to peer into the conference room.

What other lies did your manager sell you?

You are lucky to get any severance at all. I don't mean this in a snarky way. Many companies do not even consider giving it in today's world.

Where is the VERIFICATION LINK for this ?????

I was wondering Myself. Because I was given 6 weeks

Wow, if that is true they cut it in half! I got 20 weeks! Thought severance was done but maybe they reconsidered it?