Toronto judge approves hardship fund for former Sears Canada employees
TORONTO — A Toronto judge approved a hardship fund on Friday for former Sears Canada employees that will come from a pool of money set aside to pay bonuses for executives.
The $500,000 fund will help former employees facing difficulty who would have otherwise been eligible for severance payments when they lost their jobs at the retailer.
Employees will have to apply to receive money from the fund and prove that they face “urgent or immediate hardship” in their financial situation. They can receive up to eight weeks pay to a maximum of $12,000.
About 3,100 Sears employees have been laid off since the once-popular retailer began a restructuring process.