TORONTO — Sears Canada pensioners have agreed to an estimated $48 million from the insolvent retailer, dropping their bid for priority over other unsecured creditors. In a tentative settlement with the company’s court-appointed monitor, the pensioners agree to a more limited, but more certain, sum in lieu of a risky litigation which, if successful, would leave other unsecured creditors with nothing. The pensioners may yet access a bigger piece of the pie, however, as the monitor is seeking to sue Sears Holdings CEO Eddie Lampert and his ESL Investments hedge fund over a $509 million dividend they and other shareholders received from Sears Canada in 2013.
Sears Canada, pensioners agree to settle
Most Recent
Most Read
Trump threatens 35 percent tariffs on Canadian goods
Fri, July 11th, 2025
Westcap acquires Darmac Framing Systems through portfolio company
Fri, July 11th, 2025
Richelieu posts Q2 financials
Fri, July 11th, 2025
RONA unveils 2024 sustainable activities
Thu, July 10th, 2025
Throwback Thursday: 25 years ago Canadian Tire launched its "Radio Days" summer promotion
Thu, July 10th, 2025
RONA Foundation supports Canadian non-profits
Wed, July 09th, 2025
Dealer News looks at Hardlines Conference, Home Depot acquisition
Wed, July 09th, 2025
BMR and Pierre Naud continue Quebec expansion
Tue, July 08th, 2025
RONA raises $365,000 for the Fondation Charles-Bruneau
Tue, July 08th, 2025
Trex releases 2024 sustainability report
Mon, July 07th, 2025