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Stock impact report

‘A ticking time bomb’: HBC employees could lose disability benefits with company’s court restructuring [Globe and Mail, The (Toronto, Canada)]

Manulife Financial Corporation (MFC) 
Last manulife financial corporation earnings: 2/12 05:00 pm Check Earnings Report
US:NYSE Investor Relations: manulife.com/investor-relations
A shopper walks past an empty sales area at the flagship downtown Hudson's Bay store, in Vancouver, on March 24. DARRYL DYCK/The Canadian Press A law firm representing some Hudson’s Bay Co. employees is raising the alarm about long-term disability payments, which are paid out of the company’s cash and are uninsured, leaving people at risk of losing their benefits as the retailer liquidates its operation. “This is a ticking time bomb,” said Andrew Hatnay of Koskie Minsky LLP, which he says has been retained by more than 250 current and recently terminated Hudson’s Bay employees, as well as retirees, seeking representation as the retailer attempts to restructure or sell part of the business. The issue, Mr. Hatnay said, is that Hudson’s Bay’s benefit policy provides long-term disability payments through an “administrative services only” [ASO] arrangement, which is not insured. That means, if the retailer is unable to come up with a plan to keep some of its stores afloat, or if a new Show less Read more
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