Sears Canada plans on rewarding select employees with retention payments totalling up to $9.2 million while laying off thousands without severance, a move met with public outcry and criticism from some former employees.
The Key Employee Retention Plan (KERP) was approved by the Ontario Superior Court of Justice on June 22, when Sears initially filed for creditor protection and announced it would be closing 59 stores and laying off 2,900 workers.
Under the court-approved retention plan, 43 senior management and key employees will receive up to $7.6 million while Sears undergoes restructuring, and 116 employees of closing stores will receive up to $1.6 million. The payments to senior management would be made in several instal…
Read the full article at: http://business.financialpost.com/news/retail-marketing/sears-canada-gives-key-workers-9-2m-in-retention-bonuses-as-thousands-laid-off-without-severance/wcm/736fa9fe-36b2-45cf-a9ac-52146629bb92