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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums30,000 will lose jobs when 'Toys R Us' closes
Ann Marie Reinhart Smith worked at 'Toys R Us' for 29 years. Now ... Smith is just one of more than 30,000 U.S. workers who face unemployment as the 70-year-old retail chain unwinds its business. The superstores fall from grace is the result of a decade of disastrous management by the Wall Street firms that purchased the company and saddled it with billions of dollars of debt.
The fabled toy store finally collapsed under its crushing debt load this spring, causing the third-largest retail bankruptcy in U.S. history. And as a result, workers with decades of retail experience are being left with no jobs, no benefits and no severance pay.
Meanwhile, the private equity barons who bought the company in 2005 have reaped nearly hundreds of millions in extracted profits, and top executives are leaving with $16 million in golden parachutes.
According to Fortune, the retailer generated $11.5 billion in sales in 2016 ...
The Toys R Us bankruptcy along with massive job losses stemming from other deals at companies like Sears, Kmart, Sports Authority, Radio Shack and Claires should be a wake-up call ...
https://www.nbcnews.com/think/opinion/toys-r-us-bankruptcy-what-happens-when-wall-street-put-ncna876536
Wellstone ruled
(34,661 posts)tens of thousands at Bon Tom Corp. All those folks at Herberger's,Carson-Prairie-Scott,Yonkers,and others in this Group.
sinkingfeeling
(51,279 posts)individuals from venture capitalist sharks
Le Gaucher
(1,547 posts)I got them for my kids birthday over last couple years
smirkymonkey
(63,221 posts)Squinch
(50,774 posts)in coal is about 90k. Retail is losing hundreds of times that in jobs. But one employs primarily conservative white men.
WhiskeyGrinder
(22,147 posts)llmart
(15,501 posts)No? I didn't think so.