Could be stormy weather ahead for employees, you never know….
Sears and Kmart retirees are worried about their pensions as the parent company raises doubts about its future and stirs speculation that it could seek bankruptcy protection.
Sears Holdings has an almost $1.6 billion shortfall in obligations to its underfunded pension system for nearly 200,000 retirees, the parent firm’s public filings show. The company’s retirees also could face termination of life insurance policies that provide roughly $10,000 to $12,000 in benefits for some.
Stunned by the company’s Tuesday night disclosure that it faces “substantial doubt” about being able to stay in business, the retirees are awaiting Sears Holdings’ next move.