Thread regarding Sears layoffs

Top Executives and Key Employees Splitting $25+ Million in Retention Bonuses

While your severance pay hangs by a thread, Sears filed a detailed document asking the bankruptcy court to grant generous retention bonuses to convince 18 highly paid top executives to not jump ship from Sears. So they will be paid a bonus up to $243,000 (roughly half their salary before benefits) if they agree to stick around until April 2019. Keep in mind these are the same people that have been running the company into the ground for the last several years.

Another Key Employee Retention Program will allow 322 selected employees to split up to $17 million if they agree to stay for up to a year. Sears claims these employees and their families will suffer hardships and stress not being sure their salaries (averaging around $175k) will still be around a year from now. There are country club memberships, private school tuition, vacation homes, and luxury car and house payments at risk if they are not rewarded with extra compensation. And since Sears and Kmart are laying off so many minimum wageish positions, there will be new money available to pay this deluxe group of workers who have been a part of the Sears family and way of doing business for more than a decade on average.

Rewarding Failure 101

https://restructuring.primeclerk.com/sears/Home-DownloadPDF?id1=MTE3NDU0&id2=0

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| 2251 views | | 21 replies (last November 17, 2018) | Reply
Post ID: @OP+WaBAQgB

21 replies (most recent on top)

I hope the judge won't allow this at all. I truly believe Sears Canada was a test run of what you are seeing right now with Sears in the USA.

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Post ID: @1qnk+WaBAQgB
  • if the company liquidates. Sorry
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Post ID: @byx+WaBAQgB

The fact that they'll get a larger bonus is the company liquidates makes absolutely no sense. "Acceleration event" -- whatever. Hope the judge limits this.

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Post ID: @sao+WaBAQgB

Leading a company into bankruptcy is exceeding expectations don't you know?

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Post ID: @wdc+WaBAQgB

So wrong I lost my severance package they should not get anything either.

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Post ID: @vhd+WaBAQgB

what this says is about 375 employees mater and the rest are expendable including every store manager

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Post ID: @aiy+WaBAQgB

Thanks Eddie! I'll be taking my family to Disney World for Christmas with my bonus! BEST CHRISTMAS EVER!!!

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Post ID: @bce+WaBAQgB

CNN reports on SHLD retention bonuses.

https://www.cnn.com/2018/11/16/business/sears-executive-bonuses/index.html

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Post ID: @cvv+WaBAQgB

"How many houses, boats, cars does one need along with the millions and billions of dollars?"

For the super-rich, it's not really about the money in any functional way, it's just a way of keeping score. It's all a game to them, while millions of 'little people' can barely make ends meet.

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Post ID: @hnh+WaBAQgB

Any management left after a bankruptcy filing need to be eliminated. Not rewarded for their failure because they are so "talented". Efff them all to 773H. Same scheiss always.

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Post ID: @lkx+WaBAQgB

Pay them with SYW points.

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Post ID: @cse+WaBAQgB

Wow if they only put 50k or 100 into remodeling. That would be better than bonuses for 25 people

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Post ID: @vxd+WaBAQgB

Xth. Could not have expressed the current state of our country better than you. The workers are giving away their rights, the rights our fathers and grandfathers fought for many years ago. The greed is out of control. How many houses, boats, cars does one need along with the millions and billions of dollars?

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Post ID: @dia+WaBAQgB

The crooks keep getting richer while the rest of us suffer (no raises for the last 13 years).

Prime example of the American corporate greed that we allow to continue. What exactly are the worthless top executives going to do for the company if they stay?

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Post ID: @xth+WaBAQgB

Interesting if that was the exact language used. What about the hardships of the associates impacted this week and prior? While I am mot naive to the fact it’s not that simple, sure is a bad time to argue the point that these executives need this.

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Post ID: @hbs+WaBAQgB

W T F?

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Post ID: @nng+WaBAQgB

I think it happened too when sears canada imploded!

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Post ID: @gam+WaBAQgB

Done almost all the time at companies going under. Look how many Kmart people got retention bonuses as Kmart went thru its first bankruptcy. Sure its wrong and gives the completely wrong impression but it is standard practice in the US and will be approved no problem.

Won't be able to convince the judge that this time something is different.

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Post ID: @dch+WaBAQgB

You have to be kidding me !

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Post ID: @ybc+WaBAQgB

Imagine my shock!

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Post ID: @siu+WaBAQgB

This is just Wrong in so many ways. Especially since they keep cutting the severance packages for so many workers that have given 20, 30 or more years of service

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Post ID: @frx+WaBAQgB

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