Toys R Us is bankrupt, but top execs are cleared to receive $16 million in bonuses


#1

Originally published at: https://boingboing.net/2017/12/07/toys-r-us-is-bankrupt-but-top.html


#2

but the execs were hired to run the company into the ground and sell it off, so good job guys, have a bonus. /s


#3

I have a cousin who works for Toys’R’Us… she busts her ass and probably doesn’t get paid a princely sum for it. Shit like this pisses me off. They’re getting paid out of her pocket, as far as I’m concerned.


#4

In its filings in favor of the bonusues, the company had argued the payments were necessary to get executives to perform at a high level during its bankruptcy.

Of course, because otherwise the executives might be replaced by other people who might underperform and land the company in financial trouble. Can’t have that. /s


#5

Diamond handcuffs?


#6

So, business as usual?


#7

The business of destroying business.

I had no great attachment to Toys “ya” Us, even growing up, but this just seems wrong.


#8

This is mind boggling. As much fun as a toy store is, I personally hate Toy’s R US. In a lot of places (any place with a larger population), they seem to have swooped in and monopolized the toy market. Most if not all of the smaller places seem to have gone out of business, even the relatively large chains like “Kaybee toys”.

Then they engage in the COMPLETELY DOUCHEY practice of “Exclusives” for many popular toy lines. Your little kid is obsessed with unicorns, and is caught up in the ridiculous trend that is “hatchimals”? Well, we’re the only f-ing store that will ever have the “owlicorn” ones that your kid oh so wants… The other stores that have sales, nah, they’ll never have them. No competition in this f-ing market.

I try to hit the little independent stores for stuff for my kid, but it can be tough at times.

On a related note, if you’re in Santa Fe NM, hit up “Moon Rabbit Toys”, that place is awesome, and the lady that owns it was really cool to us.


#9

I needn’t reargue some points I made on the other Toys R Us thread a couple of years ago, but Toys R Us are spending about $1MM a week on their bankruptcy counsel:

The docket (which is open and free for your perusal, rather than behind the PACER pay wall) can be found here:

https://cases.primeclerk.com/toysrus/Home-DocketInfo


#10

Can their creditors sue over this?


#11

Bad link there, although now we know your name and that you use windows :wink:


#12

thanks. fixed! (Also, Mac) . (And if anyone really wanted to figure out who I was there are plenty of hints – although I promise you I’m pretty much nobody)


#13

Creditors are usually the prime movers in bankruptcy proceedings – they always have standing, although it’s often not individual creditors, but a creditor’s committee that is formed so the creditors can act (reasonably) coherently in these things.


#14

Plus executives can’t be motivated to work at the top of their game by altruism. :roll_eyes:

@atl

but Toys R Us are spending about $1MM a week on their bankruptcy counsel:

Whoever loses, the lawyers always win.

@Bobo

Moon Rabbit

Cool name. It could be an indie band or a sci-fi cartoon series.


#15

You must understand that – for society to function – the lawyers must always win in all transactions at the expense of all other requirements. I want you to acknowledge that a lawyer has informed you of this.


#16

We’re cashing in all gift cards we have (our daughter is 2, so often a gift at bdays and Christmas, plus all that crap we returned after baby showers for credit) as fast as possible. Someone already paid these assholes, but I can still make sure I get mine and keep employees working as long as I can before those cards vaporize.

Just praying we have more time with Bed Bath and Beyond – five years later and still spending the $$$ from wedding registry crap we didn’t end up needing.


#17

Are you my duly appointed legal representative? :smiley:


#18

So a reddit argument was this was so someone would actually be there to manage the bankrupcy, rather than have everyone cut loose and then no one is able to do the paperwork to finish it. Unless we bind them by law with threat of jail/fines to leave them there, I guess this is the only option?


#19

I’m sure that a competent admin assistant could do the paperwork for a tiny fraction of the cost of keeping these guys in post.


#20

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