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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhile Sears execs get $25 million in bonuses, laid-off workers struggle during Christmastime
While the executives who presided over the bankruptcy of Sears and Kmart will ring out 2018 with news of $25.3 million in bonuses, laid-off worker Ondrea Patrick will be using her unemployment check to pay for new brakes on her 2000 Dodge Durango.
Patrick, who lost her job when the Kmart she worked at in Rockford, Illinois, closed in October, had been hoping to use the money to buy her kids ages 1, 2, 3, 7 and 11 something new for Christmas.
And it infuriates her that theyll be getting hand-me-downs and relying on charity this Christmas while the people in charge are handsomely rewarded.
Those top people and (Sears CEO Eddie) Lampert are having a wonderful Christmas, Patrick, 36, told NBC News. They got $25 million in bonuses. Me? Im late on my bills. The electric company is threatening to shut me off. And I dont have anything left to spend on the kids this Christmas.
Patrick, who worked part-time for Kmart for nine years, is one of the thousands of workers whose lives were upended in October when Sears Holdings, more than $5 billion in debt and unable to compete with Walmart and Amazon, declared bankruptcy.
I was making $10.50 an hour when they closed my store, Patrick said. I got my pharm tech license and was working at the service desk. All my life we struggled and I finally felt like I was making it.
https://www.msn.com/en-us/money/companies/while-sears-execs-get-dollar25-million-in-bonuses-laid-off-workers-struggle-during-christmastime/ar-BBR8Sds?li=BBnb7Kz
BigmanPigman
(51,627 posts)trev
(1,480 posts)BigmanPigman
(51,627 posts)or due to the insanity in DC and the country as a whole?
BigmanPigman
(51,627 posts)I really do believe, for myself anyway, that I will not be sad to go at all. I am glad that I will live long enough to care for my almost 16 year old dog/best friend. I don't have kids and have had a pretty good life and no regrets. I just wish that my health care costs wouldn't leave me destitute or in debt since I have saved every penny I have earned as a teacher. I would rather see it go to the Humane Society. I am glad I won't have to deal with Climate Change and our corrupt govt. I would really like to see tRump and the entire GOP go down in flames before I die though. That way I could go with a big smile on my face.
trev
(1,480 posts)I can't pay my doctor bills any longer. I can't even pay my rent. I may die on the street. That bothers me.
I have achieved a lot. I have loved my fellow man, and helped the helpless when I was able. I am not afraid of death--only the physical process of it bothers me.
I have raised four wonderful, intelligent, successful, humanitarian children. They are the legacy I leave to the world.
If it's time to go, then it's time to go.
BigmanPigman
(51,627 posts)Today I had to decide which medical procedures I can afford vs which one I will die from first. Our healthcare system is beyond fucked up for a country with our status. People do not realize how bad it is until they experience it first hand . If I hear " set up a go fund me page" one more time I will scream. I am too sick and tired for this BS nonsense. Being sick is very exhausting and takes a lot of time and bureaucracies do not handle that with speed and trying to find money on top of everything else is too, too much work and not worth it in some situations.
trev
(1,480 posts)Sometimes I wonder whether any of it is worth it.
Mere survival is not that important to me. I want meaning in my life.
I have lost everything I worked for nearly 50 years to attain. I can't simply start over.
Let nature take its course.
BigmanPigman
(51,627 posts)trev
(1,480 posts)Guy Whitey Corngood
(26,505 posts)roamer65
(36,747 posts)All these fat cat looters like Lampert should be in prison.
doc03
(35,378 posts)the judge OKed bonuses for the management that ruined the company. Us employees lost our
pensions and were forced to take a 40% pay cut.
Wellstone ruled
(34,661 posts)First was a Chapter 11,Union Contract frozen by the Bankruptcy Judge. No scheduled pay raises for three years. Bonuses paid to management in the total value of the three year pay raises that were stripped. Second Time under a fraudulent transfer of ownership,chapter 7. That one was ugly for everyone of the Employees,bounced Payroll,paychecks later made good at fifty percent,take it or leave it. Pension and Health Insurance payment checks bounced never to be made good. Vacation time accrued was paid ten years to the day at a dime on the dollar.
Been there and done that,had to buy my own friggin T-shirt that said,I got Screwed.
doc03
(35,378 posts)had to keep them on for their great management skills.
Wellstone ruled
(34,661 posts)ruling coming from the BK Court in St Paul. Not once but three years later on the Second BK. Funny thing,the operations GM got screwed just like the Employees only in a greater amount. He was screwed out of his 100k Bonus for profitably only to find a Second set of Books being manipulated in another State where we were incorporate. And his Salary which was around 20k. Do remember him calling my when the final checks were cut. He received 20 or 21dollars and I received 10.14. BTW,we both got a 1099 in the full amount of our original claim. Talk about suck.
Ferrets are Cool
(21,110 posts)Demonaut
(8,926 posts)and if they save the company, they'll get more, it's a crime
"When NBC News reached out to Sears Holdings to see if the company might reconsider the bonuses in light of the criticism and the fact that so many former workers are struggling, a spokesman responded with a terse note: "We'll decline comment."
In a court filing obtained by the Chicago Tribune, Sears Holdings proposed offering a total of $8.4 million in bonuses to 19 executives if the company meets its financial targets in the next six months.
Sears Holdings also got the okay to set aside up to $16.9 million in retention bonuses for 315 senior employees, the paper reported. Each would get a cash award worth 30 to 40 percent of their salary, split into quarterly payments over the next year.
Ron Olbrysh of the National Association of Retired Sears Employees, which represents about 60,000 people, said he understands why Sears Holdings is giving out bonuses while its losing money.
Its what a lot of bankrupt companies do, he said. They want to prevent their key employees from jumping ship.
Still, Olbrysh said, this came as a shock to us retirees.
What everybody is wondering is how of that money Lampert is getting, he said.
Many NARSE members are also worried about how this will affect their life insurance"
Persondem
(1,936 posts)spanone
(135,877 posts)Ilsa
(61,698 posts)with proceeds going to the families hurt by job losses.