There’s been a lot of commentary about the death of brick-and-mortar retail in the United States as Amazon expands its massive empire and stranglehold on the retail market. Sears, once the biggest U.S. retailers beloved for generations for its mail-order options and selection of appliances and other staples, recently filed for bankruptcy. Its demise personifies the downfall of the entire traditional retail establishment.
After years of struggling to turn a profit and watching shopping malls grow emptier by the day, Sears filed for bankruptcy in October.
As part of that bankruptcy, Sears laid off over 5,000 employees and shuttered over 100 stores in the final months of 2018.
Now, some of those laid-off employees are furious to learn that the executives who drove Sears into the ground and cost thousands of Americans their jobs will be collecting cushy bonuses.
According to Money, a U.S. bankruptcy court recently “approved a plan for the company to dole out more than $25 million in bonuses to hundreds of executives and senior-level employees over the next year.”
To employees who lost their jobs, it’s a slap in the face.
Toys ‘R’ Us employees in a similar position recently won a historic victory, forcing investors in the company to create a $20 million severance pay fund.
It would be nice to see President Trump stand up for the workers at places like Sears who are getting nothing while the bigwigs collect bonuses.
With news that corporate stock buybacks are hitting record highs thanks to the Trump tax plan and GM shuttering U.S. plants and blaming Trump tariffs, it seems like things aren’t working quite as planned for the ordinary American worker under the Trump administration. But Trump could use his famous dealmaking skills to make things better for the little guy. The question is will he?