The store’s former employees are also doing their best to deal a blow where it would hurt most — the profits of the private equity firms that took Toys ‘R’ Us down. Workers and labor advocates have been encouraging public pension boards across the country to divest their funds from private equity firms that played a role in the toy store’s demise.
The California pension board heard from Nadia Romo, a store manager in Ventura who worked at the company alongside her fiance and step-son. The combined loss of income meant the family had to try to downsize their home in order to cover her newborn daughter’s medical insurance. She’d heard similar stories from Toys ‘R’ Us workers around the country facing everything from cancer to miscarriages, all while dealing with the loss of their jobs.
“KKR, Bain Capital, and Vornado never put their hearts into a 70-year old company to grow with a great good investments in return,” Romo said. “They just took advantage of investors like you and took advantage of hard workers like us.”
Romo was joined by other Toys ‘R’ Us employees, including Sandra Lopez, a manager who worked her way up from a part-time position over the course of 22 years. Lopez told the board that she’d missed countless family events while working at the store as a single mother. “Our work in retail has value for the families we help at the stores, and our families at home. We can’t let Wall Street and we can’t let Bain and KKR take it all away,” Lopez said.
“Please, I’m asking you to do your homework and make sure you’re not investing in companies that are all about corporate greed instead of workers’ needs.”