'This Is Not Ok': Sears Condemned for Ending Retirees' Life Insurance After Handing Executives $25 Million in Bonuses

September 14, 2020 /

The retail giant Sears came under fire Saturday following reports that the company is ending life insurance benefits for an undisclosed number of its 90,000 retirees—just months after handing executives over $25 million in bonuses.

“It’s the last benefit that retirees had,” Ron Olbrysh, chair of the National Association of Retired Sears Employees (NARSE), told CBS News.

As CBS reported:

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Sears filed for bankruptcy last October, but earlier this year a bankruptcy court approved billionaire Sears chairman Edward Lampert’s bid to buy the company through his hedge fund.

Progressives responded with outrage to reports of Sears’ move, which fits a pattern of corporate giants rewarding top executives while average employees face benefit cuts and lay-offs.

The progressive advocacy group CREDO Mobile called Sears’ life insurance cuts “awful” in a tweet on Saturday.

“This is not ok,” said Winnie Wong, senior political adviser for Sen. Bernie Sanders’ (I-Vt.) 2020 presidential campaign.

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