June 23, 2017
At this time, the company has not made any change to retiree pension or health benefits. However, we are in discussions with the company about its intentions while it is under CCAA protection. We are particularly concerned with the company’s plans for the Sears pension plan and other retiree benefits. We anticipate motions will be brought by Sears for approval to suspend making special payments to the pension plan and to suspend health benefits. The company’s intentions with respect to these matters is set out in the company’s CCAA materials which were filed with the court. We understand that it intends to bring these issues before the court by July 13, 2017. We are having discussions with the company about their proposed motions and will report to you further.