Sears ends retirees' life insurance benefits

Mar 27, 2019

  1. rousemark
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    rousemark Still Here!

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    Probably not the situation in the Sears case but top executives are rewarded for performance in increasing profits. Sometimes they can trimming employees and/or benefits can accomplish that result therefore they get a bonus while others get the door. Doesn't seem right if you are the one receiving the walking papers but it is just "business" and business, like the world, is never fair.. :no:
     
  2. VolAgent
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    On the face of it, it seems wrong. However, think it through.

    Assuming you are a top level executive and are currently between jobs. You know it takes a while to find a new job (I recall one reading it takes a month for every $10,000 in income to find a new job, although not sure how true that is) and a company that is in bankruptcy comes calling. Would you take that job knowing it will only last for a few months or maybe even a year and then be right back in the same situation? Unlikely, so without a bonus, it would be very difficult for a company in bankruptcy to find any level of talent to guide it and protect its value for its creditors.

    Now, if we are talking about the same executives that lead it to bankruptcy, then no, they can go pound sand.

    There was an example locally of this for the average worker. Electrolux is closing its local plant because its main customer was Sears. The factory workers are offered a severance package, but to get it they must stay until the plant closes. Same situation, they all want to jump ship, but Electrolux wants to keep the plant open and producing until the last day, so they have to offer a carrot with a stick to get people to stay until then.
     
  3. Northeast Agent
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    Sears retirees fight life insurance termination as heirs get zip

    “Sears has stated its clear intention to ignore its obligations to the retirees,” states the motion to form a committee. “The retirees request that the court direct the appointment of a committee to advocate for the thousands of retirees unjustly and illegally losing their benefits.”
     
  4. Markthebroker
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    Markthebroker Guru

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    I actually found this surprising because I am honestly surprised that Sears is still in business.
     
  5. VolAgent
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    No matter how hard Lampert tries, Sears isn't going down without a fight.
     
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