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Tue Jan 8, 2019, 09:17 PM

Sears workers demand hardship fund after Toys R Us success

As Sears Holdings Corp teeters on the brink of liquidation, its employees are pushing for a hardship fund they hope can replicate the success of bankrupt retailer Toys 'R' Us, whose workers collected $20 million in severance pay from its former owners.

Sears on Tuesday agreed to consider a revised takeover bid from Chairman Edward Lampert, temporarily staving off a liquidation that would have spelled the end of the company.

The latest attempt by Lampert follows a decade of revenue declines, hundreds of store closures, and years of deals in an attempt to turn around the company he put together in 2005 in an $11 billion deal.

Now, the retailer's approximately 68,000 workers are pushing Lampert to set up a financial fund giving laid-off workers a week of pay for every year of service.

"If he (Eddie Lampert) can drum up the money for another takeover bid, he can find the resources to come up with a hardship fund," said Onie Patrick, a laid-off Kmart employee who is part of the organizing effort.

https://www.msn.com/en-us/money/companies/sears-workers-demand-hardship-fund-after-toys-r-us-success/ar-BBRZgML?li=BBnbfcN

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Reply Sears workers demand hardship fund after Toys R Us success (Original post)
Yo_Mama_Been_Loggin Jan 8 OP
wishstar Jan 8 #1

Response to Yo_Mama_Been_Loggin (Original post)

Tue Jan 8, 2019, 09:20 PM

1. Good luck to the employees in getting some compensation

Rank and file employees deserve some severance pay especially since the judge approved millions in bonuses for executives

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