How will bankruptcy effect appliance tech?
7 replies (most recent on top)
Everything depends on what sears holdings bankruptcy filings are requesting to do. Now that they have filed they have to have permission to do almost everything including payroll. A lot of companies end the medical benefits packages as that is usually a large drain on money, but it all depends on if they requested it and if the judge approves it since they only pay a portion of benefits for the employee and the employee pays the full premium for all family members. If you have benefits and haven’t used them yet, get them used. I did for our child. Just don’t be surprised if they suddenly disappear. And techs are leaving as quickly as possible. And print out your last pay stub so you have proof of your PTO time so they don’t try to take it away. DON’T TRUST ANYONE with your financial security.
Unless you are a C-level executive, or in that circle, you should consider your job in jeopardy and you should be job searching, yesterday.
This has nothing to do with how good you were and has everything to do with bean-counting. A reduction in force is the easiest way to reclaim overhead. Jobs that can be done with less people will be the first to go. Yeah, the folks left behind will be overwhelmed, but no one cares. The minute the unit is sold off whatever remains will also be RIFfed.
The ONLY people reasonably safe are the "C"s and maybe someone who brings a unique value. Maybe.
It's hard to wrap your head around because most people try to do a good job, and this is patently unfair. The good news is that Sears is giving you an excellent excuse to leave. If a hiring manager asks "why are you leaving your old company" or even "why did you leave your old company" you can say "My last company slowly became financially unviable, and while I did my best to support my employer, at some point, I have to look out for my family." Everyone knows what Sears is going through.
Be professional while still working at Sears. Don't try and ride this train wreck out unless you're close to retirement. The people who have the safety net are not looking for answers on a board like this.
Affect.
Won't effect you at all. You are doing great and will have a job forever. Keep selling those whole house warranties, they'll be easy pickings now.
Business as usual under a Ch. 11 reorg filing with some layoffs - Kiss Your A$$ Goodbye under a Ch.7 filing
Simple as that
A Ch. 7 doesn't need to happen right away but I d-a-m-n sure would be out there looking no matter what
You'll be fine. Go ahead and buy that bass boat.
You work for sears holdings so you would be affected just like a cashier.