Sears Canada’s (OTCMKTS:$SRSCQ) bonus plan for staff who remain through liquidation has been approved by an Ontario judge.

The number of executives to be retained dropped from 43 to 36. The amount that could be paid also dropped, from $3.9 million to $2.8 million. To earn the bonus, key head office personnel will be required to stay to either March or April.

Justice Glenn Hainey was assured that there would be no additional funds approved beyond the $7.6 million that was approved shortly after Sears received the court’s protection. The original plan would have offered store managers $1.6 million in potential bonuses to remain until close.

However, all the money has been used up. Sears Canada stated that it will divert some of its unused executive bonuses to pay the remaining store managers during their court appearance.

All 74 full department stores, all 8 Sears Home stores, and all 49 Sears Hometown stores are slated to close. Liquidation will begin Thursday. Sears will honor its extended warranties up until Wednesday. Refunds for extended protection agreement would be paid, but only to those who paid for it in the last 30 days. However, Sears also noted that most of the merchandise they sell has a one year manufacturer’s warranty, which will still be available to customers directly.

Despite Sears hopes that a buyer would rescue their sinking company, no known buyer’s have currently stepped forward.

Sears will face court again Wednesday as they are set to approve the retention bonus for key employees to oversee the liquidation.

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