March 16th, 2018
(written by lawrence krubner, however indented passages are often quotes). You can contact lawrence at: email@example.com
The U.S. Trustee in the Toys R Us bankruptcy case has filed a strongly worded objection to the company’s plan to pay between $16 million and $32 million to its 17 most highly paid executives.
“It defies logic and wisdom,” the objection by Trustee Judy Robbins states, that Toys R Us is proposing “multi-million dollar bonuses for the senior leadership of a company that began the year with employee layoffs and concludes it in the midst of the holiday season in bankruptcy,”
“Apparently,” Robbins said, “This Christmas, Toys R Us intends to deliver not only ‘children their biggest smiles of the year’ but the insiders, too,” which is a reference to court claims by Toys R Us that its number one goal is to keep children happy.
Robbins noted that five of the top Toys executives also received $8.2 million in retention bonuses five days before the bankruptcy filing in September. Those bonuses included a $2.8 million payment to Chief Executive Dave Brandon “just to stay with the company,” the objection states.