Report: Toys ‘R’ Us workers win $2 million severance
Laid off Toys “R” Us employees will reportedly receive some severance pay, after all.
According to the Los Angeles Times, a federal bankruptcy judge in the Eastern District of Virginia has awarded $2 million in severance pay to a group of more than 30,000 Toys “R” Us workers who were laid off when the toy retailer went bankrupt in 2018. The employees had initially been promised severance pay, but it was then canceled. The funds will be distributed from cash that was set aside to handle administrative claims.
Each full-time worker covered under the agreement will receive $60 and part-time workers will receive $34. The initial class-action suit had asked for $75 million. The severance pay is on top of a $20 million hardship fund set up by several private equity firms that previously owned Toys “R” Us.
To read the full article click here.
According to the Los Angeles Times, a federal bankruptcy judge in the Eastern District of Virginia has awarded $2 million in severance pay to a group of more than 30,000 Toys “R” Us workers who were laid off when the toy retailer went bankrupt in 2018. The employees had initially been promised severance pay, but it was then canceled. The funds will be distributed from cash that was set aside to handle administrative claims.
Each full-time worker covered under the agreement will receive $60 and part-time workers will receive $34. The initial class-action suit had asked for $75 million. The severance pay is on top of a $20 million hardship fund set up by several private equity firms that previously owned Toys “R” Us.
To read the full article click here.