Affidavit Exhibit P

Here is one of the more interesting Exhibits provided by SEARS to support their latest affidavit.  It explains the new commission structure, and clearly shows the disparity between what SEARS will gain and what the dealers will gain.  Have a look and try to understand the numbers.

Affidavit Exhibit P

Sears Canada exec salaries doubled while thousands laid off

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.

SEARS Affidavit

Here is the current affidavit that we have received from SEARS pertaining to the class action lawsuit.

We welcome private comments from dealers across the country regarding the arguments and statements put forth in the document below.  Just click on the link...

SEARS Corporate Affidavit

Class Action Certification Hearing Date is Set!

The first step in a class action lawsuit is to have it certified as a legitimate class action by the courts.

We will be presenting our case on June 11, 2014 at the Milton, ON courthouse.

Any dealers or former dealers that would like to attend to show solidarity are welcome.

Termination

We are now joining the growing ranks of SEARS Dealer Stores that simply cannot continue, and have to close their doors.  

We have issued our termination, and the Woodstock store will close Dec 15.

This does not affect our standing as plaintiffs in the Class Action Lawsuit, and we will vigorously pursue the case for the benefit of all dealer stores.

Almost 30 stores have closed this year alone, and while SEARS will subsidize 100% of special advertising costs for new dealers, there is no offer of help or subsidy to keep existing store owners going.

Many stores have asked for help paying a few monthly bills, or for extra advertising subsidy until SEARS can fix the business, but to no avail.  

Instead there seems to be a  few secret, select stores that receive "golden handshakes", where SEARS takes the dealership back and pays the dealer to stay on as a manager.  

Why the double standard?  If they can afford to run the store corporately, then how is it fair to let an owner walk away after investing so much in the business?

The answer is that it is not fair.  Everything is done solely for the benefit of SEARS, with no regard for the people and families that are left holding the debt of a dubious venture.

It's All About the Kids: SNKCR 2013

SEARS NATIONAL KIDS CANCER RIDE

From September 5 -21, 23 riders will cycle across our great country in support of children and families living with and beyond cancer.

Sears is the national sponsor for this event, and your local Hometown stores are passionately supporting the effort as well.  Check the route on the SNKCR home-page listed below and please come out to an event, or sponsor a rider.

Its all about the kids and their families fighting the ravages of cancer, and we need to set aside our daily troubles and help carry them through a seemingly impossible time.

For those engaged in the fight, know that you are not alone.

http://searsnationalkidscancerride.com/html/index.html

A very personal account and a cold response from SEARS

You have to read this one...

http://www.osoyoostimes.com/sears-hometown-dealership-owners-in-osoyoos-join-national-class-action-lawsuit/

Martin and Andrea are the typical hard-working, salt of the earth people who make up the bulk of the dealer channel.  Like most of us, they go all-in and give it everything they've got, with the modest expectation of making an average living for their family.

Notice the cold-hearted reply from Vince Powers of SEARS at the end.

“We’re actively looking for new owners … Osoyoos has been a very good market for Sears,” he said.

We couldn't have said it any better, Vince....it's always good for SEARS.