Toys R Us sets $20 million in severance for employees!

Employees who worked for at least a year at Toys ‘R’ Us will be eligible for severance pay through a newly proposed $20 million fund created by two of the store’s private equity owners (KKR and Bain Capital). Roughly 32,000 employees lost their jobs when Toys ‘R’ Us liquidated its stores earlier this year, leaving many unemployed and without severance. To be eligible for the employee fund, Toys ‘R’ Us employees must have worked for the company for at least one year.

… The fund falls well below the $75 million that workers calculate they are owed based on Toys ‘R’ Us’s severance schedule. The fund protocol proposes paying former employees a minimum of $200, which could increase to as much as $12,000, depending on the employee’s tenure. For example, a worker who worked at the company for 20 years and made between $50,000 and $55,000 annually would be eligible for $4,810.

 
 

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