On Saturday morning, Toys ‘R’ Us held a liquidation sale at its 650,000-square-foot corporation office in New Jersey. The company announced the sale on Twitter, adding that everything must go– including a giant Geoffrey the giraffe mascot.
The Toys R Us 650K SF Corporate Office Liquidation Sale in North Jersey has started. Everything must go. Including Geoffrey.
— ToysRUs (@ToysRUs) June 2, 2018
According to Comicbook.com, Toys ‘R’ Us has made remaining items– furniture, cubicles, shelves, and meeting room and theater equipment– available for people to browse through on Dropbox. Speaking from the parking lot of a Toys ‘R’ Us store in Totowa, New Jersey, on Friday, senator Cory Booker said, “This is the story of a company — one of the most iconic in America — that was saddled with so much debt that it could not succeed… And now the big guys are walking away and the workers are left with nothing.”
The senator’s statements come shortly after it was revealed that the company would not be paying severance to more than 30,000 workers who will be left jobless after the store closes. Employees are urging lawmakers in Jersey to push for severance pay. Some are also meeting with lawmakers to push for a new law that would require companies facing bankruptcy to be “backed by private-equity firms to provide compensation to their workers,” reports the Washington Post.
Toys ‘R’ Us filed for bankruptcy last year, facing $7.9 billion of debt. An Arizona Toys ‘R’ Us manager said during a news conference in May, “I have always been proud to work at Toys ‘R’ Us, but this is not Toys ‘R’ Us — this is KKR and Bain Capital. This is Wall Street greed. How can they walk away with millions and leave 33,000 workers with zero?”