Thread regarding Sears layoffs

@79cer Why the heck did you bring up a thread from over a year ago? Yes, the article was from December 2016 AND SO IS THIS THREAD. It was current when it was posted.

Looks. Like the article from 2016.

worked there 36 years.saw this coming 10 years ago.

Back when Sears was viable, like 20 years ago, buyouts and reorganizations netted targeted employees anywhere from 6 months to a year of severance, plus unemployment.

Cant see that happening if this mess goes toes up.

Severance weeks have been cut back. It seems that the greater number of stores that close the number of paid severance weeks decrease. I quit in November after 26 years with Kmart. No raises in 10 years. And when we merged with Sears we lost 2 personal days and vacations were maxed at 4 weeks. The sense that we were just waiting for the ax to fall was tiring and stressful. So I quit and went to a competitor. I'm making 40% less per hour but can get raises. I have less stress and don't have to do the work of 5 people. Was it worth it? Yes

"There employees are rude and unhelpful."

First of all it is "their" employees not "there" employees. See I helped you.

Secondly, for minimum wage, no raises allowed, no benefits and skimpy hours why should any employee really care whether or not we have your size or color preference for any item you want to buy. We really do not care about Eddie's customers. Sears does not care about their employees and therefore you see the results of employees not really caring about Eddie's customers. The employees already know its only a matter of time before their jobs are gone and most are just killing time until a better gig comes along.

You would be rude and unhelpful too if you worked at Sears/Kmart considering how they treat their associates. It's usually not their fault.

I personally hate sears. There employees are rude and unhelpful. Good riddance.

To OP: I also hate to see the associates that are left loose their jobs, they are all good people but i can't wait until Sears Holdings goes under. I gave Sears 38 years if my life and they eliminated my job March 4 on my 38 year anniversary down to the month. I happened to find out that morning that I was loosing my job before they told me. I came to work at 6 am like I always do and I had an email that I was scheduled for a conference call at 11 am. I started checking around and found out the conference call was for me only. At 11 am I was on the call with my boss and someone from HR and was informed that my job had been eliminated. I got a 4 hr notice that they no longer needed me. Needless to say I left right after the call. I received 8 weeks severance and 6 months unemployment. I have been unable to find a job that would pay me anything near to what I was making. I work for my neighbor for cash money at half of what I was making but my stress level is all gone. Anyone working for Sears Holdings needs to get out and find a better job now while they are still hiring for the holidays. I know how it is that you do not want to give up and want to hang on as long as possible but is is a loosing battle. I wish you all the best and encourage you to get out while you can. The company is just using you.

Do not expect your wages in a timely manner, if at all, if Sears goes Chapter 7 rather than Chapter 11 reorganization bk (they will not be approved for a reorganization, btw) They do not have to pay earned wages under federal law as a previous poster stated. This is determined by state labor law, not federal. Some states consider employees as "secured creditors" whose wages are prioritized in the bk proceeding. Other states do not and employee wage claims are thrown in the pool with other creditors and if an employee sees any compensation it may only be a portion of what is owed. In any case, employees will have to wait for that money while the bk court sorts out the creditors. For those living paycheck to paycheck this will be a problem but billionaire Eddie doesn't give a s#*t about the little people.

If the company files for bankruptcy, they will not likely pay severance as the court itself may cancel that until the creditors are paid. The only exception is if you live in a state that requires it. Usually it is only 2 weeks or so. They will have to pay that, but most states don't require anything. They do have to pay you for ALL hours worked as that is federal law. You can be terminated without notice and your insurance cancelled immediately though. So if you are concerned about that, like most other Sears/Kmart employees, I would be looking for another job.

When stores have closed the severance has been one week pay for every year of service UP TO 8 weeks. That's the max they will pay so those who have in 20 or 30 years get screwed. Store managers and assistants get a little more but not much. If Sears claims bankruptcy they will not pay severance and in fact do not even have to pay you for the hours worked up to the bk filing date. Once bk is filed they are no longer obligated to pay any debt. The bk court sorts out who gets what as far as the debt of the company goes. Also, for those on the company medical insurance, be aware that there is no COBRA obligation on companies who file bankruptcy. Your insurance will end and you won't be able to go onto COBRA, you will be stuck on a crap ACA policy. Please start looking for another job NOW!! The company will not make it past this Spring, if even that long. Protect yourselves by getting out now like I did. Eddie does not care about Sears and Kmart, never had any intention of "turning around" the company, his interest is all about the REIT. He bought Sears and Kmart to raid them for their assets, thinking the real estates is where the money was at. Unfortunately for him, the real estate market tanked and he's only been propping up Sears and Kmart to buy time until a real estate market turnaround. Why do you think he put all the best Sears properties in his REIT?? NEVER FORGET that Eddie is a HEDGE FUND guy, not a retailer or CEO. His job is to buy companies, dismantle them and take all the assets and leave the empty shell for the employees. Hedge fund guys do not care who they destroy, what they destroy, their objective is to make money for their fund, period.

Pretty hard questions. I would not bet on getting anything for severance from Sears but it is worth looking into. I doubt you will get an answer. Did you do retirement? Pension Benefit Guarantee Corporation is first tranche as I understand things. You could contact them to and ask just to cover the bases.

As for closing stores? That is hard to say. There is a difference between filing bankruptcy and closing stores. If SHLD declares BK in Jan 17 that does not mean that you will be out of a job that day. People confuse store closings with BK and they is not the same thing.

My advice to you is to not spend too much on holiday stuff and save some money. Get your vehicle(s) fixed up if you have an auto center because you might be commuting further for a new job. When a vehicle goes down it always is expensive. Keep the car running.

The big question is what kind of bankruptcy is Eddie going to be allowed to file?

How much of a severance package will they give their employees. I have been with Sears for 18 years, all of my years are full-time. Do you think they will close the stores in 2017 or 2018. There is only 2 Sears Store in my town.