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left-of-center2012

(34,195 posts)
Fri May 25, 2018, 03:51 PM May 2018

30,000 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 superstore’s 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 Claire’s — should be a wake-up call ...

https://www.nbcnews.com/think/opinion/toys-r-us-bankruptcy-what-happens-when-wall-street-put-ncna876536

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30,000 will lose jobs when 'Toys R Us' closes (Original Post) left-of-center2012 May 2018 OP
Please do not forget the Wellstone ruled May 2018 #1
Too bad the US can't pass financial laws to protect businesses and private sinkingfeeling May 2018 #2
I have $200 worth of giftcards that they are not honoring Le Gaucher May 2018 #3
So much WINNING! smirkymonkey May 2018 #4
The total number of people employed Squinch May 2018 #5
+1 Blue_Tires May 2018 #7
Yeah, but losses in retail hit women harder, so no one gives a shit. WhiskeyGrinder May 2018 #6
Are we winning yet??? llmart May 2018 #8
 

Wellstone ruled

(34,661 posts)
1. Please do not forget the
Fri May 25, 2018, 04:05 PM
May 2018

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)
2. Too bad the US can't pass financial laws to protect businesses and private
Fri May 25, 2018, 04:20 PM
May 2018

individuals from venture capitalist sharks

 

Le Gaucher

(1,547 posts)
3. I have $200 worth of giftcards that they are not honoring
Fri May 25, 2018, 04:40 PM
May 2018

I got them for my kids birthday over last couple years

Squinch

(50,774 posts)
5. The total number of people employed
Fri May 25, 2018, 04:45 PM
May 2018

in coal is about 90k. Retail is losing hundreds of times that in jobs. But one employs primarily conservative white men.

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