An Ontario judge has approved Sears Canada’s request for a revised retention bonus
plan for key head office staff and store managers who stay through its liquidation process.
Before granting the company’s request, Justice Glenn Hainey got assurances that there are no additional funds being approved beyond the $7.6 million that was originally approved for head office bonuses shortly after Sears got court protection.
The original plan also included $1.6 million in potential bonuses for managers of stores that were slated to close. That money has essentially been used up but Sears Canada told the court that it will divert some of the unused executive bonuses to pay bonuses for the remaining store managers who stay until their locations are closed.
The retailer currently has 74 full department store locations, eight Sears Home Stores and 49 Sears Hometown stores, which all face closure.