Executives of Sears stand to gain up to $1 million in bonuses, should Sears be liquidated, and $500,000 if it’s restructured. Meanwhile, ordinary workers at Sears are being laid off without severance payments. Bill Black talks about how US bankruptcy law is rigged to favor executives
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Sears was extremely profitable before Eddie Lampert bought it! The first thing Eddie Lampert did when he took over Sears was to cut employee benefits, matching 401k and medical insurance! When Lampert filed for bankruptcy, he canceled millions of dollars in open orders with deposits on them! He screwed all his hard-working commissioned employees and took all the money they generated to prop up his real-estate business! He then shafted all his suppliers by not paying them which hurt the employees even more because no one would extend credit to Sears Holding! He also shafted all his customers as well! Eddie Lampert is a real dirt-bag and I hope he goes to prison, but I'm not holding my breath! The bankruptcy judges were totally soft on Eddie Lampert and let him get away with murder! He should be forced to pay anyone who worked for Sears Holding a severance fee and deny "ALL" managers any bonuses! That money belongs to the people that worked for Sears, not to the BILLIONARE thieves that have stolen from it! If the bankruptcy judges had any balls, that's exactly what they should do, but they're probably being paid off by Lampert and his goons! The Bankruptcy judge should seize all property and assets owned by Eddie Lampert and give the money generated by those seizures to Sears Holding employees! This is an example of corporate fraud on a grand scale, and Eddie Lampert has crushed so many people both financially and mentally!
You’re rewarding them for going bankrupt?
That's the way it is , you'll be in jail from stealing from Them. Yet they can steal from. You. Our whole system is fucked up Thank god wall Street is in control. We were never meant to learn more. Money always for money. Yet nothing changes. Until now
Reaganisim at it,s best. Now it is called Trumpisim. Working class Americans tend to be the stupidest voters.
Corrupt management !!!!
Obvious. The little man always gets screwed
A quick way to strike back is not buy anything even if it's marked 99% off see for every item not sold they can't collect money off of it so their forced to take a lost on each item
The stupid business laws this country has only breeds greed and selfishness. And the politicians are the culprits paid by these corrupt ceo's allowing these crooks to ruin a good company! And this just demonstrates the corporate mentality in the US.
Sorry, but an expert who thinks our new Democratic-controlled House is going to deal with this evil is an idiot. From Hillary on down are the party of corporate corruption, particularly corruption involving lawyers. It is Trump who champions ordinary people.
It's sad I never thought that sears in Greensburg pa would go out of business, it's slated to close end of January 2019
I am currently living in China, and people criticize China for being all about business. Is North America really that different? North America is all corporate now, and the little people are constantly stiffed by corporations. I would argue that in some cases, North America is worse than China in its abuses of its people. Shame on you!
sears eddy lambert is a big crook , thief and rob his employees to gain wealth for him self , big scam man , what the FBI is doing , lock him up .God will take care of you Eddy.
Trickle down effect is happening.. The catch is Trump Republicans Evagencials forgot to tell the masses that its piss trickling down
We need Sears. Please bring it back. Only place for good quality work clothes and good deals on appliances all in one place 😪😦😯😳😫👈👢👖
This is normal where has everyone been. I would like to see proof to show this is not the norm.
When I shop for clothing I like to see it in person I will not shop online they need to save this store now
This is a REALLY GOOD STORE. They need to save it from closing. Besides all the people that will be losing their jobs.
Some sad stuff here.
What business/corporation doesn't engineer bankruptcy to favor the executives?
Why is there any bonus for a bankrupt company. The courts should not allow this.
Toys 'R' US was run into the ground by an LBO and not because of general business circumstances.
i need to get a job as a executive i wouldnt have to do anything but play dumb
The company stopped giving raises since the original merger, they stopped contributions to employees' 401Ks and they restructured the company to eliminate full time positions (all so they could reduce the benefits that came with it.. medical insurance, paid sick days, etc). Uniforms were changed but the employees were responsible for buying their own, job titles were changed and signs were changed. But no investment was ever made into upgrading or even maintaining basic equipment or shelves in the stores. As soon as the company begins to make a profit, things will get better. That is what was said by corporate while executives continued to collect bonuses. Now many employees left at existing stores make the same hourly wages as an entry level employee even if their job title includes lead. And if you've worked at a company for over twenty years and then get told you're only getting four weeks of severance pay… hard pill to swallow.
I read in the newspaper the other day about a pretty big investor who wants to buy a good bit of Sears to keep several stores open and fifty thousand people in a job. That may come about, and better than everyone losing their jobs.
As if Trump had anything to do with Sears going bankrupt. Sears has been circling the drain for years.
why are you people slamming this move – you voted for the parasites dems and repukes…you got what you voted for…a million if your fail.
it’s America take from the poor and give to the rich
They are commuting Fraud against the consumer and using bate and switch tactics! They put a product on sale when they don’t even have the product and then can’t deliver said product over and over and over because they are out of stock. Then they try and offer you something comparable which they still don’t have!!!
I paid for a refrigerator that they said they could deliver by Nov. 15, 2018 and then can’t until the 26th, then reschedule that delivery without notifying one to the 4th of December and deliver a Damaged product and now can’t deliver one till the 28th of December, because they are out of stock! So I buy product on the 12th of November under the guise I can have it by the 15th, ohh no no, sorry it has to be the 26th but we will not deliver it till the 4th ( damaged) and screw you yet again because guess what we don’t have any in stock till the 28th of Dec, but mean while still offering said product on website! Bait and switch is what they are offering me now! We don’t have the one you bought so how’s this one! If I wanted that one I would’ve bought That One in the first place! I have a house full coming the 24th of December and no Refrigerator! Oh but they are sorry and thank you for Shopping at Sears😳🤔🤬🤬🤬🤬🤬🤬
cannon towels the Execs took their golden parachutes and put the company in to bankruptcy
Well what's the point of becoming an exec if you just get laid off like a common asshole who's going to pay for the 2019 jetliner poor people will always be poor with or without a severance package
Goes to show. Never trust a big company or government with your retirement money.
'Under the new majority'? You mean the same corrupt vermin who pushed 'too big to fail'? Only hope for this country is a damn military junta.
Golden parachutes for executive people. Take down a company get a big bonus. Oldest company in the country and goes under. Wtf
Corporate greed once again, right?
1st GM, now Sears! I'm talking about people getting lay off.
You are so right they rip Sears apart in the last 8 years to benefit themselves how sad the greed gives greedier
Pretty much the status quo with crooks like these bastards, filling their overstuffed wallets with more cash, even though they're the ones who screwed up the whole thing from the start! Fast Eddie should have his crooked ass hauled into jail, for putting hard working employees and the people who bought into the mess in good faith by opening franchises! The government won't do anything about it, as they get dirty envelopes of cash into their pockets as well!