TORONTO Fears of Sears Canada retirees were realized Thursday when the insolvent retailer confirmed it will seek court approval next week to suspend their health, dental and life insurance benefits as well as special payments to the companys underfunded defined benefit pension plan, which has a deficit of almost $267 million.
The company filed for CCAA protection from its creditors in Ontario Superior Court on June 22, when it announced the layoffs of 2,900 employees and the closure of 59 stores. Sears Canada will also ask the court on July 13 to extend the injunction that protects it from creditors until Oct. 4 as it works to find a buyer for the business or its assets.
In the meantime, a group of ousted employees is accu…
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