Thread regarding Toys "R" Us layoffs

TRU Filing for Chapter 7 Tomorrow (3/15/18)

They are filing the motion for Chapter 7 tomorrow. All US stores will be up for liquidation UNLESS the Canadian buyers are interested in saving a select number of stores.

There will be letters sent out that will discuss the closure.

Something about a guaranteed 60 days of working-admittedly I don’t quite understand this especially if you are already in a closing store and you were told you’d be terminated with no option to transfer, perhaps it doesn’t apply.

Also sounds like online will be shut down in a few weeks.

Regardless of what is said verbally it is important to NOT believe anyone in regards to a severance or retention bonus UNLESS you are actually signing a contract. They just reneged on the January closing stores a few weeks back and I would hate for that to happen again. Puts a VERY negative spin on things and kills morale.

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Post ID: @OP+SbXUEd6

6 replies (most recent on top)

That Canadian buyer thing sounds like a load of bs. Why would someone saddle themselves with 8 billlion in debt. The liquidation would still run its course. There’s no reprieve.

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Post ID: @1pdn+SbXUEd6

Thank you for the clarity on the 60 day thing :)

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Post ID: @hay+SbXUEd6

The 60 days (for corporate) is due to NJ's WARN Act. Layoffs over 200 require 60 days notice. There are 7 states that have this law. The Feds have a warn act that requires companies going out of biz to give "adequate notice" whatever that is.

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Post ID: @lfc+SbXUEd6

Hello darkness, my old friend

I've come to talk with you again

Because a vision softly creeping

Left its seeds while I was sleeping

And the vision that was planted in my brain

Still remains

Within the sound of silence

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Post ID: @uzx+SbXUEd6

http://i0.kym-cdn.com/entries/icons/original/000/018/886/hello.png

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Post ID: @dkn+SbXUEd6

Thanks Mitt, you were a big help

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Post ID: @gpe+SbXUEd6

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