To: Toys R Us

Toys "R" Us: Employees Deserve Severance Pay

Toys "R" Us: Employees Deserve Severance Pay

Private equity funds and corporate executives shouldn’t profit by bankrupting a company and throwing people out of work. Use the $470 million profit to pay the 30,000 out-of-work Toys "R" Us workers $15,000 in severance each for the years of hard work employees have put into the company that allowed the private equity firms to make millions in the first place.

Why is this important?

My name is Colleen, and I work at Toys "R" Us in Concord, California. When I found out that the owners of Toys "R" Us decided to liquidate its entire U.S. operation, I was heartbroken. This has been my dream job since I was four-years-old.

In the next few weeks, over 30,000 Toys "R" Us workers will be out of a job with no severance. The private equity funds that drove Toys "R" Us into the ground: Bain Capital, KKR, and Vornado are walking away with $470 million dollars in fees and interest that they pulled out of Toys "R" Us over the years.

Right now, my coworkers and I have no idea when our store will close – all of the updates we’re getting are from the news, and our corporate is keeping us in the dark.

I love my job so much, and it hurts that these private equity companies don’t care about running a toy business – they just want the profit, no matter the cost.

Tens of thousands of us are losing our jobs while Bain Capital, KKR, and Vornado received $470 million in fees and interest from their investment. Just days before filing for Chapter 11 bankruptcy protection last September, five of the top Toys "R" Us executives received $8.2 million in retention bonuses.[1] CEO David Brandon received $2.8 million and asked for court approval of up to another $12 million in incentive bonuses.[2]

There are more than 1 million retail workers at private equity-owned retailers in the United States. This corporate greed is hurting me and my family – and it’s unacceptable.

We’re calling on Bain, KKR, and Vornado to take the $470 million they received in interest and fees and pay out a $15,000 severance pay to the 30,000+ Toy R Us workers who are losing our jobs.

References:

1. http://money.cnn.com/2017/12/06/news/companies/toys-r-us-executive-bonuses/index.html
2. https://www.bizjournals.com/newyork/news/2017/12/07/toys-r-us-execs-get-millions-more-in-bonuses.html

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Updates

2018-04-18 14:38:03 -0700

20,000 signatures reached

2018-04-18 08:02:55 -0700

10,000 signatures reached

2018-04-18 06:49:28 -0700

5,000 signatures reached

2018-04-15 14:48:38 -0700

1,000 signatures reached

2018-04-15 08:26:10 -0700

500 signatures reached

2018-04-15 06:22:08 -0700

100 signatures reached

2018-04-15 06:12:50 -0700

50 signatures reached

2018-04-15 06:10:04 -0700

25 signatures reached

2018-04-15 06:08:55 -0700

10 signatures reached