So are associates that are effected now and going forward just out of luck for severance pay due to bankruptcy?
8 replies (most recent on top)
I read the filing that was posted here yesterday and they do intend to pay past severance... but of course the BK court has final say. It could be months before this all settles out as Chapter 11 proceedings are lengthy. Bottom line, hope for the best but plan for the worst.
Totally agree with ousting the exec's and bringing in a whole new team. Munjal should have been thrown to the wolves along with a bunch of others. It's all good because what comes around goes around. Karma is going to come knockin Eddie and team!
Two things irritate.
The 1st is that I don't know how or why you would EXPECT severance from a dying company in front of the bankruptcy court. Doesn't make sense because the company is not going to have the money to pay. If you're not management, what do you get? Four free paychecks? That's not very much. If you're management and you've ridden this out hoping to get extra free money .... well .... aren't you the smarty pants manager? You should have figured this out.
The 2nd is Leena & Rob getting paid millions to stay with the company that they, especially Leena, had a large role in ruining. It should be the LAW that A new slate of people is brought in because doing it this way allows the wrongdoers to CONTINUE to profit from their ineptitude or malice.
Gotta love people's mad math skilz.
Say the execs got a 9 million in bonuses. Redistribute that 9,000,000 across 90,000 employees and you get $100 pre tax. Wow.
No, u have it all wrong. It's not a shame that u won't get your severance. U knew this was coming for a long time and rolled the dice and u lost. U can't cry now after u stayed with kmart/sears all this time and still raked in your mgt payroll. U have any clue what store and asst mgrs make? Alot of the upper store mgt has been with this co a long time and make a pretty good living. Leena is not stupid. She chose to stay as well knowing full well retention bonuses and salaries would be paid. No crying complaining, or whining! I won't put up with it.
What a shame that so many long time employees will not get their severance.. but leena still has her job making over a million dollars a year for failed ideas
The top scoundrels should have been made to scarafice their inflated pay, give up their bonuses etc
It shd not always be the common worker making the sacrifices
You don’t have to pay severance if you aren’t under bankruptcy.
Yes you are correct under bankruptcy you do not have to pay severance