A group of former Toys R Us employees is seeking a hardship fund from investment groups that it says are responsible for the demise of the company
The group “will hold a series of actions to raise awareness about their push for private equity firms and creditors to create a hardship fund for the 33,000 employees who lost their jobs after the retailer closed its doors last month,” according to information provided by the group.
Former workers and advocates planned to speak during CalSTRS’ board and committee meetings at its West Sacramento headquarters to “tell stories of losing their jobs and push the pension board to engage in responsible investment and offer their support.”
On Friday, July 20, the group plans to protest at a building located in San Francisco that is majority-owned by Vornado, one of the Toys R Us investors.
According to the group, after being laid off without severance pay, the former employees are seeking $75 million in hardship funds from three investment firms, Vornado, KKR and Bain, which gained ownership of Toys R Us in 2005.
KKR and Bain are open to contributing to the fund, but Vornado has not commented on the matter, the group said.