Former Toys R Us Employees In Metro Phoenix Get Money
After months of fighting for severance pay, some former Toys R Us employees in the Phoenix area are now seeing some money.
Checks went out this week to thousands of former employees across the country, including Tracy Auerbach in Chandler.
KJZZ talked with Auerbach last November after two private equity firms created a $20 million fund to cover some severance pay employees had been promised but then told they wouldn’t get after the company filed for bankruptcy protection.
“The fund is an important first step, and KKR and Bain did the right thing,”Auerbach said. “But the work isn’t over.”
KKR and Bain were two of three private equity firms that bought Toys R Us in 2005. Auerbach and others are pressuring the third firm, Vornado Realty Trust, to add to the employee fund.
After closing all U.S. stores last year, more than 33,000 people lost their jobs.