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Sears seeks OK to pay out $19 million quarterly executive bonuses - CNN
Shelia Brewer, who worked for 17 years as a full-time hourly employee at a Kmart in Rockford Illinois, said the company told her she'd get eight weeks of severance. Instead, she received a letter saying that severance payments were being halted because of the bankruptcy, and she would get only the four weeks of pay she had already received.
"It hit me hard. I was already struggling as it was," she said. She said the bonus plan makes her angry.
"They say we can't get our severance because there's no money, but they're getting bonuses? It's like a slap in the face," she said.
A Sears spokesman declined to comment on the bonus plan or its current severance policy.
Eddie Lampert, the company's primary shareholder and chairman, apparently will not receive a bonus, according to the filing.
The three top executives who were given the responsibility for running the company during its reorganization are in position for the largest bonuses. They are Chief Financial Officer Robert Riecker, Chief Digital Officer Leena Munjal and Gregory Ladley, president of the company's clothing and footwear business.
Each could receive as much as $240,000 a quarter in bonus payments for hitting the maximum cash flow targets. They could receive four times that much if Sears goes out of business, in something the company called an "acceleration event."
Sears  KMart  executive  bonus  oiligarchy  severance  bankruptcy 
november 2018 by Quercki
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daylight  24  daylight24  402071-39  FOCUS  Adjustable  Beam  LED  Floor  Lamp  Gold  kmart 
december 2017 by kilroy2
Inside the Decline of Sears, the Amazon of the 20th Century - WSJ
By Suzanne Kapner
Oct. 31, 2017 1:48 p.m. ET
186 COMMENTS
Shoppers hunting for this holiday season’s hot toy, the L.O.L. Surprise, may have trouble finding it at Sears or Kmart stores. Worried about the financial health of the retail chains, the company that makes the toy, a ball that children unwrap to reveal small dolls, has reduced shipments to Sears Holdings Corp. SHLD -5.75%

“We cut their credit line and shortened payment terms,” said Isaac Larian, chief executive of toy maker MGA Entertainment Inc. “If they pay one day late, we will cut them off.”

Sears once dominated American retailing and helped build famous brands, including Whirlpool appliances, Craftsman tools, Schwinn bicycles and Allstate insurance. Now, bleeding cash and losing shoppers, the 124-year-old company is scrambling to keep suppliers—the lifeblood of any retail chain—from bolting.

To guarantee shipments from LG Electronics Inc. and Samsung Electronics Co. , Sears is paying them cash up front for some goods, said people familiar with the matter. Levi Strauss & Co. has stopped supplying women’s jeans to the chain, said another person. At Clorox Co. , “We have certainly adjusted our payment terms,” said CEO Benno Dorer.

A monthslong feud between Sears and Whirlpool Corp. burst into the open last week when the sides couldn’t agree on terms to keep their century-old partnership going. Earlier in 2017, Sears sued two longtime manufacturers of its Craftsman tools to keep them shipping merchandise to stores.
retailers  Sears  Kmart  brands  decline  payment_terms  Whirlpool  Levi_Strauss  Allstate  Schwinn  Craftsman  supply_chains 
november 2017 by jerryking

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