Employees of Sears Canada – who are being screwed over by scumbag executives and robbed of their severance – have filed a court motion to block those executives from giving themselves massive bonuses.
As previously reported, Sears Canada is being restructured and is shutting down 59 stores across the country. 2,900 employees are losing their jobs.
In a disgusting move, Sears Canada has “rewarded” the loyalty of their employees by eliminating their severance.
As if that isn’t sick enough, the same scumbag executives who made that decision are also giving themselves $7.6 million in bonuses. According to reports, that 7.6 million will be going to just 43 top executives in the Sears Toronto head office. That’s an average of $176,744 each.
Now, Sears employees have filed a motion in the Ontario Superior Court to block the payouts by challenging the idea that they are necessary for helping the restructuring process.
Rewarding pathetic failure
Just as we saw after the bank bailouts and in so many other cases when big companies fail, they still pay massive bonuses to their top executives. This is often justified as “retaining talent,” but if the execs were actually talented the company wouldn’t be in trouble in the first place. Giving massive bonuses to 43 execs of a company shutting down 59 stores is a total disgrace, and it’s rewarding pathetic failure.
Clearly, measures must be put in place to ensure that top execs can’t escape the fate imposed upon their loyal workers. A simple rule stating that no bonuses can be paid to executives during a restructuring until all promised severance has been given out to employees would create a clear incentive for executives and management to do the right thing.
Unfortunately, our current system rewards scumbag execs like the fools at Sears, and punishes those who play by the rules, work hard, and show loyalty to their company.
That has to change.
Share the hashtag #BoycottSearsCanada to show how you feel about the actions of Sears’ scumbag executives.
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