Sears Canada to end pension payments-court filing

Reuters

Thu, Jun 22, 2017, 2:34 PM

NEW YORK, June 22 (Reuters) - Sears Canada Inc plans to file a motion with a Canadian court to request permission to suspend certain monthly payments to its pension plan because it is running low on cash, according to a court filing.

The retailer, which filed for bankruptcy Thursday, also intends to stop payments to a post-retirement benefit plan providing retirees with life insurance and medical and dental benefits, according to the filing. Sears Canada is current on the payments for the pension and post-retirement benefit plan now.

The company also said in the filing that all 32 of the Corbeil appliance stores are expected to remain operational during the insolvency. Corbeil has a separate management structure from the rest of Sears Canada, according to the filing.

(Reporting by Jessica DiNapoli)

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