As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by CBSNEWS.COM:
A months-long campaign to get severance for more than 30,000 former Toys R Us workers is partially paying off, with two private-equity firms setting aside $20 million for a severance fund. The figure comes to about $660 on average for each laid off worker.
Bain Capital and KKR — two of the three companies that took over the retailer in a $6.6 billion leveraged buyout in 2005 — on Tuesday said they will each contribute $10 million to a financial assistance fund for employees laid off without severance when the chain closed 735 U.S. stores earlier this year.
The article goes on to state the following:
Nevertheless, the $20 million falls $55 million short of what advocates say would be needed to cover severance payments to employees under policies in use for decades at the iconic retailer, which declared bankruptcy in September 2017. The average per-worker severance pay will be $660, although the amounts will vary depending on time served.
Remember how laid off Toys R Us employees were told they wouldn’t get any severance pay? They organized and have now secured $20 million. pic.twitter.com/NGd2oIS5t3
— Bryce Covert (@brycecovert) November 20, 2018
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