As you may know, Toys “R” Us has declared bankruptcy. Employees with more than 30 years of service are now out of work. They weren’t too worried when the company was sold to investment firms KKR, Bain Capital and Vornado Realty Trust in 2005. The company seemed to be doing well overall. Unfortunately last Christmas sales were disappointing and the company is no more.
The thousands of Toys “R” Us workers are owed about $75 million in severance pay.
The company’s bankruptcy lawyers and advisors are expected to be paid as much as $348 million in fees.
Remember Mitt Romney, who will be elected a U.S. Senator from Utah in November? He was with Bain Capital.
I must add that some of my readers may have helped this process along. Did you buy toys from Amazon? Are you ignoring the brick and mortar stores because it is soooo easy to buy on line, and you might not even have to pay sales tax?
The dollar amounts were from an article by Michael Corkery in today’s Times, pp. BU1, 5.
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