{"id":330,"date":"2019-07-16T13:38:18","date_gmt":"2019-07-16T13:38:18","guid":{"rendered":"http:\/\/worldculturepictorial.com\/wcp-blog\/?p=330"},"modified":"2019-07-30T03:01:58","modified_gmt":"2019-07-30T03:01:58","slug":"toys-r-us-bankruptcy-lawyers-get-56-million-workers-get-2-million-60-dollars-each","status":"publish","type":"post","link":"https:\/\/worldculturepictorial.com\/wcp-blog\/toys-r-us-bankruptcy-lawyers-get-56-million-workers-get-2-million-60-dollars-each\/","title":{"rendered":"Toys R Us&#8217; bankruptcy: 33,000 laid-off workers get $60 severence pay each while lawyers get $56 million in fees"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/www.worldculturepictorial.com\/images\/content_6\/toys-r-us-bankruptcy.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p>(quote)<br><br>\n\n<a href=\"https:\/\/www.cbsnews.com\/news\/bankruptcy-court-gives-toys-r-us-workers-2-million-and-retailers-lawyers-56-million\/\" target=\"_blank\" rel=\"noopener noreferrer\">A year after Toys R Us closed, tens of thousands of laid-off workers are getting a portion of the severance promised and then rescinded as the retailer unraveled.<\/a><br>\nWhile workers are getting $2 million, a fraction of the $56 million in fees awarded to Kirkland &amp; Ellis, the law firm representing Toys R Us, the decision is still a victory of sorts. That&#8217;s because pensions and severance payments are labeled as unsecured debt when a company files Chapter 11, making them low priority and less likely to be paid.<br><br>\n\nA bankruptcy judge on Thursday approved the settlement to a class-action lawsuit filed on behalf of 33,000 former Toys R Us workers, a figure that means each will receive about $60.  Earlier estimates had workers entitled to $75 million in severance after the retailer closed its more than 700 U.S. stores last year.<br><br>\n\n&#8220;We feel employees should be taken care of first, a lot of employees had been there 30 years,&#8221; said Perez, a 29-year-old mother of two, ages 6 and 4. &#8220;It shows how little employees are valued. Many of us still don&#8217;t have jobs.&#8221;<br><br>\n\nOut of work for the past year, Perez said she is relying on family, friends and public assistance to get by. &#8220;It&#8217;s terrifying. I was working full time, and have been looking since then,&#8221; she said. In hunting for another job, Perez is trying to avoid retail, pointing to other bankruptcies in the industry. &#8220;Look at Shopko, Kmart and Sears, the same thing is happening to them that happened to us.&#8221;<br><br>\n\n(unquote)<br><br>\n\nImage courtesy <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-7194903\/Toys-R-bankruptcy-lawyers-receive-56-million-fees-workers-split-2-million.html\">Getty Images<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(quote) A year after Toys R Us closed, tens of thousands of laid-off workers are getting a portion of the severance promised and then rescinded as the retailer unraveled. While workers are getting $2 million, a fraction of the $56 million in fees awarded to Kirkland &amp; Ellis, the law<span class=\"more-link\"><a href=\"https:\/\/worldculturepictorial.com\/wcp-blog\/toys-r-us-bankruptcy-lawyers-get-56-million-workers-get-2-million-60-dollars-each\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[5,8,11,12],"tags":[21,22,26,27,40,24,18,52,41,32],"class_list":["entry","author-wcp-market-watch","post-330","post","type-post","status-publish","format-standard","category-figures-and-facts","category-life-nature-society","category-science-and-technology","category-us-and-world","tag-business","tag-economy","tag-facts","tag-figures","tag-internet","tag-law","tag-life","tag-people","tag-society","tag-technology"],"_links":{"self":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/posts\/330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/comments?post=330"}],"version-history":[{"count":0,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/posts\/330\/revisions"}],"wp:attachment":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/media?parent=330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/categories?post=330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/tags?post=330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}