I just received an email from Lynda M saying they were not paying the most recent severance payments.
25 replies (most recent on top)
There’s no law they have to pay you severance. Move on. You Saps knew the company was dying. Glad I left in 2019
Hi. Nathaniel Meyersohn from CNN here.
I am working on a story about Bed Bath & Beyond's severance package -- or lack of one. Would love to chat.
Happy to keep your identity anonymous if that's better for you. My email is nathaniel.meyersohn@turner.com -- also on Twitter @nmeyersohn. DMs are open.
Thank you!
Nathaniel
I did the same. After 16 years with them, took my severance, collected unemployment and planned out my next career. They did me a favor!
@2otl+1kSirifW
It won't happen to me lol because I had the sense God gave me to get out, find a new job, after 20+ years with BBB. I didn't sit around thinking they owed me anything. Why are you so bitter and afraid to leave? They had a good run.
Temeres, Tritton and all the other corporate disasters (even including the founders) are all still receiving checks from Bed Bath.
It’s rather typical that people are denigrating store level employees for expecting to be made whole in the same manner.
Go EF yourselves.
If you stuck your head in the sand, ignored ALL the signs this ship was sinking, and did NOTHING except believe there would be any help for you at the end aka now...you deserve exactly what you get. 🤦♀️
Can a company revoke a severance offer?
Yes, your employer can change or even cancel your severance amount if you do not have a contract detailing how your severance package is calculated.
Check your severance contract because it is legal for them to stop paying it. Would it surprise anyone if BBB has language like this in their severance package contract?
If this true, although a company is not required to offer severance, once they do, shouldn't they be required to meet that obligation?
What does your termination paperwork say?
How could a judge look you in the face & say -- it is okay to hire people @ 750k during the time payments are cut?
Something is very wrong with the world if that is ok.
Not able to pay severance but we're able to buy out board directors stock for over a million dollars just the day before.
@lqy+1kSirifW I completely agree with you. It is terrible that this will hurt so many people but at the same time for those who have been here so long and chose to stay is the same as being in a house fire and sitting on your couch hoping the fire dept puts it out before you get burned. Saw this coming over a year ago.
Laid off January 10 and received same email dated January 26 stating there has been a delay with your payment. There will also be a delay in returning my equipment.
If not paid, then will become a creditor upon BB&B bankruptcy filing.
Not sure how filing Chapter 11 benefits anyone, especially when BB&B is unable to obtain financing to continue operations following a bankruptcy filing. But the last two executives hired were executives at other companies that filed bankruptcy and just place someone on the board that specializes in Chapter 11, paying $30k monthly, in advance.
Did the board, who oversaw and approved the disastrous events during the last few years think the current CEO could turn BB&B around given the fact that she was at the helm when Golfsmith filed for bankruptcy.
My opinion is BB&B believed they would be saved by divesting of buy buy Baby. I had heard valuations of around $2B for buy buy Baby. In reality, if you view the financials associated with buy buy Baby, the value is more in line with ~$800M.
Even if a divestiture of buy buy Baby occurred, BB&B would blow through the cash received and only postpone bankruptcy. I was only a part of BB&B for about one year and only took a couple of months to determine that almost no one at corporate had a clue about operating a business.
I hate to see anyone lose their job, but BB&B is headed for Chapter 7 rather than Chapter 11.
Apologize for the length and could go on and on, but would solve nothing.
Good luck everyone.
stfu lm would not be calling you directly stop
Sears and BBB on your resume?
Mo--n
@vty. Lawyer up for what? Class Action? No way. There is no law that requires a company to pay severance. Even if they do start to pay severance after declaring bankruptcy, they can stop it at any time and there is nothing the employee can do about it. That is what happened to some of my fellow employees at Sears after their stores closed. Their severance payments stopped about half way through and they never got the rest of the money. Fortunately I got all my severance payments from Sears before I came to BB&B. I'm not going to risk it this time so I'm out of here.
@1ifn+1kSirifW You are one of the lucky ones. Congratulations!
Wait until they are forced to liquidate and see about the severance then.
I was laid off Jan 10 and I received my severance already.
Typical BBBY move. Sorry to hear this if it is true, but you were warned. The 20+ year people should have known better.
The rattan chair is falling with you in it.
@qsa+1kSirifW lmfaooo
Severance payments to who? The recent Harmon layoffs? Or the stores that closed? Or all of the above more likely?
@zdd+1kSirifW True. But it is a contract, meaningless, but a contract none the less.
They can’t pay bills. Why would they give you money for getting rid of you
From the sound of it store employees better not hold their breath for their checks either.
Time to lawyer up!
#classaction
That was nice of her to send an email directly to you telling you that. Can you tell her I said hello. Thanks.