Deals
Sears Workers, Galvanized by Toys ‘R’ Us, Ask for Bankruptcy Assurances
- Employees seeking guarantees for protection of jobs, pensions
- Toys ‘R’ Us buyout firms created $20 million hardship fund
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Employees of Sears Holdings Corp., inspired by the hardship fund for workers affected by the collapse of Toys “R” Us Inc., are asking Chairman Eddie Lampert and the firms involved in the chain’s bankruptcy to preserve jobs and stores as well as guarantee severance pay and pensions.
“While we understand that Sears and Kmart must make changes to survive, we do not believe it is fair that financial firms stand to profit from Sears’s bankruptcy while employees like us are asked to sacrifice,” the workers said in a letter addressed to Lampert. It was signed by 62 current and former employees.