Employment Lawyer on CP24 discussing Nordstrom bankruptcy in Canada

Luxury department store chain Nordstrom is closing all of its 13 stores and shutting down its Canadian operations. Employment lawyer Lluc Cerda, Senior Associate at Samfiru Tumarkin LLP, was on CP24 explaining how Canada’s bankruptcy laws under the Companies’ Creditors Arrangement Act (CCAA) impacts severance pay for Nordstrom’s 2,300 employees that now find themselves out of a job. ⚖️ 📧 help@ ☎️ 1-855-821-5900 (Toll-free) 0:00 - Interview 1️⃣ Continuing Layoff Trend - 0:51 • Mass terminations continue to occur across Canada, especially in the tech sector. 2️⃣ Bankruptcy and Severance Pay - 2:09 • Severance packages can be as much as 24 months’ pay when someone loses their job. But when a company closes and files for CCAA, employees are considered unsecured creditors, and are entitled to whatever compensation is left over after secured creditors, li