As Sears Canada closes stores and prepares for retail death, head office execs are getting a combined $2.8 million in “retention bonuses.”
By contrast, the over 15,000 store employees losing their jobs won’t get any severance at all. In many cases, their pensions have also been slashed.
So, the very same executives who made poor decisions and led the company to collapse are being rewarded for their failures, while loyal employees are left with almost nothing.
As noted in a recent report, ‘”Can I use the F-word?” said Mina Iannino who lost her Sears merchandiser job in Toronto in March and then had her severance cut off in June. “I’m really upset. I’m disgusted with this company,” she said about the ongoing bonus payments.”
In addition to the $2.8 million, Sears Canada has already given out $3.7 million since to company executives since June.
Failure rewarded, loyalty punished
It’s sickening, as failed execs are being rewarded while loyal store employees are treated horribly, and given no recognition of the many years of their lives so many gave to the company.
It’s a terrible end note for a company that was once a part of the experiences of so many Canadians.