It's now official after many generations in the retail business Sears Canada will be closing it's 131 stores in Canada making 12,000 people unemployed, which is 2,000 more jobs than those created overall in Canada during September. Liquidation sales will finish no later than January 21 in an attempt to pay off the companies debts.
Those let go will not be getting severance pay, nor is it certain they will receive their accumulated pensions.
A lawyer representing Sears pensioners said his group will move to get their claim paid first ahead of other creditors; the pension fund is owed $260 million. Sears seems to be the victim of online shopping and Walmart.
So many times during the 50's and 60's, workers in the UK, Canada and the US, said to me, "Why do we need Socialism when we have almost full employment, low inflation and a good standard of living?"
Yes, it always lasts!
For socialism,
Steve, Mehmet, John & all contributing members of the SPC.
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