Bad News for Former Sears Employees
There is more bad news for former Sears employees.
Pension payments have been cut by 30 percent.
Retirees knew that it would be cut by 20 percent, but learned that it would be chopped by another 10 percent in June.
When the company closed back in January it had an underfunded pension plan for their 18,000 retirees.
Altogether the pension fund is short by $260 million.
Sears Canada was one of the biggest e-commerce players in Canada, with CAN$505 million in sales in 2015.
Liquidation sales began on October 19, 2017. The remaining Sears stores closed on January 14, 2018. Store fixtures and equipment were up for sale in the closed stores and lasted until January 26, 2018.