• The Chicago Business Journal reports that “retired Sears Holding Corp. employees won a court battle this week when a bankruptcy judge approved creation of a committee that will examine the cancellation of life insurance benefits of retirees earlier this year.”
The story explains: “In May, the retirees claimed the bankrupt retailer wrongfully terminated policies for tens of thousands of former employees. Sears stopped paying for the policies in March, when it was reported that retirees' life insurance benefits were canceled, with retirees being told in a letter sent to them that they can pick up paying the premiums.
“In a court filing, ‘tens of thousands of Sears Roebuck (retirees) that are entitled to a life insurance benefit under a benefit plan that had been in place for decades. ... In 2001, Sears entered into a settlement and agreed to never modify or terminate the life insurance plan, vesting the benefit rights permanently’.”
• GS1 US, best known as the administrator of UPC barcodes, said that this week it is celebrating 45 years since the debut and first scan of the iconic barcode: “On June 26, 1974, a pack of Wrigley’s chewing gum carrying a Universal Product Code (UPC) was scanned at a Marsh Supermarket in Troy, Ohio. This historic milestone marked the beginning of the modern shopping experience. Today, the barcode is scanned more than six billion times daily and continues to be one of the most trusted symbols in the world, powering global commerce.”
The story explains: “In May, the retirees claimed the bankrupt retailer wrongfully terminated policies for tens of thousands of former employees. Sears stopped paying for the policies in March, when it was reported that retirees' life insurance benefits were canceled, with retirees being told in a letter sent to them that they can pick up paying the premiums.
“In a court filing, ‘tens of thousands of Sears Roebuck (retirees) that are entitled to a life insurance benefit under a benefit plan that had been in place for decades. ... In 2001, Sears entered into a settlement and agreed to never modify or terminate the life insurance plan, vesting the benefit rights permanently’.”
• GS1 US, best known as the administrator of UPC barcodes, said that this week it is celebrating 45 years since the debut and first scan of the iconic barcode: “On June 26, 1974, a pack of Wrigley’s chewing gum carrying a Universal Product Code (UPC) was scanned at a Marsh Supermarket in Troy, Ohio. This historic milestone marked the beginning of the modern shopping experience. Today, the barcode is scanned more than six billion times daily and continues to be one of the most trusted symbols in the world, powering global commerce.”
- KC's View:
