When the last of the Toys' R "Us stores was ready for closure this week, workers, including the company's store managers, had for decades betrayed their plight. They say they.
The severance pay campaign lasted until the end, with employees expressing their views in different ways, while in recent shifts in about 700 stores in the
proponents say 33,000 Toys "R" Us workers should claim $ 75 million in severance pay to pay the bills while looking for another job.
Following the bankruptcy in September, the chain sought approval by a bankruptcy court in March to close down its 735 US branches, with severance payments being halted during liquidation. Days before they filed for bankruptcy, the Toys "R" Us managers raised millions of bonuses, a scenario that did not suit ordinary employees.
When the retailer eliminated positions in the past,store manager Tracy Forbes told CBS MoneyWatch in May. Forbes, who joined the company in 1
"Every Toys" R "Us workers leave with zero, and Bain Capital leaves with $ 475 million in profits," said Forbes, citing a Bloomberg report that private equity owners – KKR (KKR), Bain Capital and Vornado Realty Trust (VNO) – has accumulated more than $ 470 million in fees and interest payments from Toys "R" Us in recent years.
The Center for Popular Democracy and the United for Respect organization point to Securities and Exchange filings indicating that Toys "R" Us paid $ 91 million in severance payments between 2008 and 2016, Equity firms that took control of the retailer in a leveraged buyout in 2005.
"Because we were there Since we were forced to liquidate the US business, we were unable to follow the normal compensation process," said a spokesperson for Toys "R" Us earlier this month. "Instead of this payment, we were able to give employees at least 60 days in advance an indication of how they can begin their transitions." At the same time, KKR refused to comment, while the other two financial firms did not respond to requests for comment.
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