I was scared of being laid off before but now I'm petrified. I don't know much about bankruptcies, but I've heard that we can kiss any kind of severance goodbye if we are laid off because the company has no obligations towards us anymore. Is that true? How f—ed are we?
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Sears, Stein Mart, Parasian, KMart, Toys R Us all said no store closures and layoffs after Chapter 11, and where are they today??
Bankruptcy or not- companies are not required to give severance. They should because it’s the “right” thing to do but even if they do it may only be for a few weeks.
Even if they pull this out it is highly unlikely they will be profitable and you can expect fewer raises, healthcare cuts, less capital and expenses for stores, maintenance, and a miserable work environment. Get out now.. or at least have plan for when it all comes down
Business as usual, it won’t effect stores. It will be seamless for store level employees. Store manager
Google is your friend. Lots of good info and advice therein.
Employee benefits, pay, sick, vacation are given priority in any Chapter 11 situation.
Assiciates mi3ve to the front of the bread line.
If Sycko is planning a group of store closings, look for a 60 day notice to comply with Fed, not State, regulations and to keep claimants (you) out of court.
It also helps with pleasing the court administrator of the proceedings.
My guess is look for any closures after, not before, Easter.
Given that the company has been planning this for quite some time, would've expected a detailed summary and proceeding explanation provided all associates. Perhaps a manager reading this can elighten. If one is not given...raise some H.