Do we know if Eddie will try to skimp us on severance? Knowing what happened with Sears Canada, I wouldn't be surprised, and I can't find any mention of it yet in any of the articles.
I don't expect them not to offer any severance, but I do believe they'll make it as low as they possibly can.
They can promise anything they want, but when bankruptcy comes those promises will be worthless.
The written policy applies before bankruptcy. After bankruptcy the new owners probably won't pay anything.
Sears and HR always try to find some way not to pay you even to go so far as lying to the state or claiming you never worked for them. Do not count on it.