SEARS RETIREES WANT THE REST OF THE CHAIN'S CASH

Jul 23, 2018

By Michael Kramer

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Sears Canada retirees are asking for the remainder of the former department store chain’s cash – to help fund their pension shortfall.

A motion filed in the Ontario Superior Court of Justice claims a pension shortfall of about $280 million dollars – means about 18,000 retirees will receive smaller pension benefits than they earned.

Debts to secured creditors have already been repaid – and the motion says the former employees should be entitled to the money – ahead of the retailer’s other remaining creditors.

A recent report from the court-appointed monitor for the retailer’s insolvency – shows Sears Canada’s estate has about  $135 million dollars in cash.

The Zoomer Advocacy group CARP has been working for better pension protection –  which includes the Sears case.

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