There is now zero reason for waiting. Bankruptcy is imminent. And with bankruptcy there is no severance. Which means those left by then will have no job and no money to lean back on while searching for one. Not to mention that there will be a lot of people looking for jobs at the same time.
Please take this seriously.
thanks for the info.... looks like worst case scenario is playing out
If the company or business your work for lays you off because they are bankrupt/going out of business, you lose your COBRA. It happened to me back in the "Great Recession". If you are lucky enough to live in a state that qualifies your for Medicaid based on lack of income, then you're good. Some states also have laws where you will be offered other continuous medical insurance - this is what I was able to get on - the premium is higher than COBRA.
COBRA is a separate issue and not administered by Sears. A third party takes care of it and bills you for it. One word of warning, it is extremely expensive. You are paying your premium plus Sears premium plus 2% to 3% extra on top of that. Healthcare.gov is usually cheaper although it can be pricey as well. Many people qualify for Medicaid (Medi-Cal) in California. Also, when you signed the contract for Transition Pay (once again not a true "severence") it stated it could be stopped at any time. I told them to forget it and I found a better job. Good luck.
Also, those of us currently collecting 'severance' pay.... it probably will be stopped. Does anyone know if Sears can stop Cobra coverage as well? That's one thing I am most concerned about. If you look at Healthcare.gov the prices are just crazy expensive.