Hudson's Bay closing

[Priller]

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View attachment 73001 you would not have looked out of place Day dot.

Ha! That's Griso, the character from the famous Italian novel series, I Promessi Sposi, from the 1800s (set in the early 1600s) whom my bike is named after. His character predates the store by a little, but the books were written long after the Hudson's Bay Company was established.

 

[sburns]

Nothing to see here

$3 million in bonuses for Hudson’s Bay executives and managers amid liquidation

As Hudson’s Bay continues to work through liquidation and restructuring plans in an Ontario court, documents have revealed that the department store plans to pay up to $3 million in retention bonuses to some managers and executives.

www.ctvnews.ca

 

[FullMotoJacket]

Nothing to see here

$3 million in bonuses for Hudson’s Bay executives and managers amid liquidation

As Hudson’s Bay continues to work through liquidation and restructuring plans in an Ontario court, documents have revealed that the department store plans to pay up to $3 million in retention bonuses to some managers and executives.

www.ctvnews.ca

<laughs in CBC>

 

[Jayv]

Corporate greed aka fat cats.

 

[crankcall]

Has a private equity investment company ever dismantled a corporation in a responsible manner ? They sold off almost all real estate holdings and made the store renters . Proceeds distributed to shareholders , then spent five years levering suppliers to keep the goods coming to not tip over the boat . Meanwhile the owners still got paid , just not creditors. Now store managers will get bonuses to not jump ship but employees will not see severance. I guess if you’re a clerk you keep showing up until you can get a new gig . Motivation to do anything but show up will be evident.


Sent from my iPhone using GTAMotorcycle.com

 

[backmarkerducati]

To be fair when winding down something like this you need some staff to stay to the end. Most people if they know they are losing their jobs with no severance in a few months are looking for a jobs now and there is a risk you end short people before the last days. How do they solve that??

As for this case, the average bonus looks to be >$27K for "managers", might not be efficient and optics are of course bad.

 

[nobbie48]

To be fair when winding down something like this you need some staff to stay to the end. Most people if they know they are losing their jobs with no severance in a few months are looking for a jobs now and there is a risk you end short people before the last days. How do they solve that??

As for this case, the average bonus looks to be >$27K for "managers", might not be efficient and optics are of course bad.

Watch out.

My mother was working for a store when they went under. Because she knew where all the skeletons were kept, the liquidators kept her on but only for limited hours for a couple of months.

When all was said and done, she was let go and applied for unemployment. The first question she was asked was "What were your earnings for the last two months?" She would have gotten twice the amount if she bailed right away.

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