It's time for Sears Canada's board of directors to disband and stop racking up costs, according to the law firm representing the defunct retailer's former employees, which will argue for the board's removal in Ontario Supreme Court on Aug. 27.
Although Sears closed its final stores in January, its four directors remain on the job. So far this year, they've incurred more than $600,000 in professional fees and earned more than $600,000 total in pay, according to court documents.
The employees' counsel argues the court-appointed monitor handling the retailer's insolvency can wind up its few final matters. It also suggests money going to the board could instead go to people still owed money by Sears, such as laid-off workers who didn't get severance.
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