New Jersey is the 1st state to offer guaranteed severance packages to downsized workers
This company was a remarkable success story. Based in Wayne, New Jersey, Toys“R”Us started in 1948 and revolutionized the way toys were sold and helped introduce the big-box retailing concept. For those readers of a certain vintage, you will fondly recall visits to the store as a child and its fun commercials featuring Geoffrey the Giraffe and the “I don’t want to grow up, I’m a Toys‘R’us kid” jingle.
Critics point out that PE executives oftentimes benefit while the workers suffer. There are many instances where a deal does not work out and the company is forced into bankruptcy. When this happens, the executives keep the millions they already siphoned off from the company and still pay themselves handsome bonuses. Meanwhile, the workers are left without a job, benefits or severance packages.
Cryan wrote on Facebook,"When these corporate takeover artists plunge the companies into bankruptcy, they walk away with windfall profits and pay top executives huge bonuses, but the little guys get screwed." This piece of legislation was due—in large part—to this happening at Toys“R”Us.
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