Jul 23, 2018
By Michael Kramer
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.