Earlier this week Toys R Us announced it would be closing all of their stores across the country. Declining sales and the inability to compete with the likes of Ebay and Amazon’s (Toys R Us would disagree) online competition made it a necessary move for the big box toy store to concede defeat.
While understanding the need to file bankruptcy and close up shop what EarHustle411 and the writing staff are appalled is the CEO Dave Brandon collecting a multi million dollar bonus while the employees are likely not to receive a severance package or anything substantial for their hard work and dedication to the company.
A judge who had been assigned to Toy R Us’ bankruptcy agreed to allow the CEO to still receive his bonus as well as other executives from the struggling toy company in excess of $14 million dollars. With all the stores that will be closing those who are at the bottom of the chain are going to suffer. Bankruptcy laws according to reports don’t allow for the employees to get a severance package but if they participated in 401k and received health benefits, provisions will be made.
Executives who are but in position to lead big corporations and obviously fail to turn things around, don’t deserve to leave a “money strapped” company with millions of dollars while those who did the grunt work from the janitor to the managers to the people who drove the trucks are stepped on and not given their proper due for what they brought to the company.
It’s time for the laws to change and make it not so east for the executives to leave a company with all the cookies in the jar while the employees leave with less than cookie crumbs. So what’s expected to happen with the 31,000 employees who have now joined the rolls of the unemployed? We hope and pray those affected by the closures are able to bounce back and find suitable jobs so they can move on with their lives.