1 Min Read
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