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Thread: Toys R Us workers win $2-million settlement on severance

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    Taking A Stand!!!

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    Default Toys R Us workers win $2-million settlement on severance

    Some good news for these former employees. On another note about this company, I heard on the news recently them they are opening some new stores, just on a smaller scale.


    A group of Toys R Us workers who lost their jobs as the company went bankrupt will get some of the estate’s remaining cash to make up for severance pay that they were denied during the court case, according to representatives for the group.

    U.S. Bankruptcy Judge Keith L. Phillips of the Eastern District of Virginia awarded $2 million to the workers, who were promised severance at the outset of the bankruptcy as part of a benefits plan that was later canceled as the restructuring unraveled.

    “It’s a shame they aren’t getting more, but this settlement sends a message that employees deserve a place in the front of the line of creditors when businesses fail,” Jack Raisner, a lawyer who represented Reinhart, said in a statement.

    Some of the workers also raised the issue outside of court, rallying support from pension funds and elected officials to demand compensation from the private equity firms that owned Toys R Us during its demise. KKR & Co. and Bain Capital, two of those owners, created a $20-million hardship fund in November for clerks, cashiers and warehouse staff hurt by the retailer’s liquidation.
    https://www.latimes.com/business/la-...627-story.html
    222lifer likes this.

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    Scab Hating Union Thug

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    Default Re: Toys R Us workers win $2-million settlement on severance

    Quote Originally Posted by ABFwife View Post
    Some good news for these former employees. On another note about this company, I heard on the news recently them they are opening some new stores, just on a smaller scale.







    https://www.latimes.com/business/la-...627-story.html
    If memory serves me, wasn't "Mittens" Romney affiliated with Bain Capital?

    Sent from my SM-J327T using Tapatalk

 

 

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