Sears handing out millions in bonuses to top execs
Sears Canada has the green light to begin reaching out to potential buyers while it's under creditor protection.
An Ontario Superior Court Justice approved a motion for the sale yesterday following hours of discussions between lawyers representing the company, its lenders, retirees and laid-off employees.
Earlier in the day, Sears Canada struck a deal over benefit and pension payments to retired employees.
The retailer has agreed to continue payments of benefits to retirees until September 30th.
The reprieve comes as Sears announced it was handing out millions in bonuses to top execs.
43 executives and senior managers at its Toronto head office will receive a total of 7.6 million in bonuses.