Deals
Bain’s John Connaughton Calls Fund to Help Toys ‘R’ Us Workers Unique
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John Connaughton, co-managing partner at Bain Capital, said that the decision to establish a $20 million fund to help workers who lost jobs when Toys “R” Us Inc. shuttered was the result of a unique set of circumstances.
Connaughton said that Bain, which owned the retailer along with KKR & Co., wanted to recapitalize Toys “R” Us within Chapter 11 bankruptcy proceedings but that creditors opted to liquidate the company. So Bain and KKR decided to each contribute $10 million to a fund to pay severance to former employees because it was “the right thing to do.”