And the good news just keeps on coming...read the whole story here:
http://www.torontosun.com/2014/03/19/sears-canada-exec-salaries-doubled-while-thousands-laid-off
If the link doesn't work, here are the highlights:
MONTREAL — Top Sears Canada executives saw their salaries nearly double last year as the chain laid off thousands of workers.
The top five executives at the retail chain earned $4.8 million last year, compared with about $2.4 million a year earlier.
The information appears in a circular released in advance of the April 24 shareholders' meeting in Toronto.
Sears Canada's new CEO, Douglas Campbell, got a major raise when he was promoted from COO in September. He got a 47% pay increase, bringing his base salary to $654,000 plus a $238,000 annual bonus.
If Campbell is fired without just cause, he gets a $3-million golden handshake, which includes a $2.2-million bonus.
Vice-presidents Klaudio Leshnjani and Salim Maherali got 85% and 86% raises, respectively. Leshnjani earned $775,000 in 2013 and Maherali received $581,000, with sharp increases to their base salaries and bonuses.
The company's five-year share price increased just 30% while the S&P/TSX index grew by 82% over the same period.
Sears Canada sales fell 8.2% to $4 billion during fiscal 2013, and store sales fell 6.4%. Profits increased more than fourfold, however, to $447 million.
The drop in sales led Sears Canada to give cut 1,600 jobs across Canada in mid-January, largely in call centres. The retailer cut another 624 positions in their stores at the end of January.
