I thought severances were discontinued as soon as Chapter 11 was announced? Then I read this:
"In a Tuesday filing with the Securities and Exchange Commission, Sears said it "expects to incur charges of approximately $443 million, including $81 million in markdowns, $9 million in severance costs..."
This is for the originally announced 142 stores, but does this mean that there is still hope for people in other stores to receive severance?
For the coming closing stores, the ones that close after Christmas, they will not get severance. Just a heads up/
Our severance was cut by 50% after bankruptcy. Lost our jobs 10 days before Christmas...Hyannis Massachusetts
@bqq is correct. Only full-time associates are eligible, which rules-out many at the store level, though.
It is my understanding, that if you were on severance prior to oct 15, you lost it due to bankruptcy and need to file with Prime Clerk for the rest due.
After oct 15th, severances of up to 10 weeks for Salary and Up to 4 weeks for hourly, continued again.
1 week for every year of service in the DC's up to 10 years
So I was a DM and looking to leave the company then they announced bankruptcy. Well needless to say I left I was on the auto side though but I know my people are still getting severance from my base store. not sure about the full line side
Don't get your hopes up - those severance costs could be for the HE staff that formerly supported those stores or financial gimmickery for other costs lumped into the severance cost bucket
https://www.bizjournals.com/pacific/news/2018/12/19/closing-142-sears-stores-will-cost-443-million.html
Source.
Golden parachutes for the execs you know.