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Two of the former owners of Toys "R" Us have agreed to pay million to help laid-off employees.Bain Capital and KKR, private equity firms that owned part of the toy retailer, set up a severance fund to pay former workers who lost their jobs when the company closed its stores.The third owner, real estate firm Vornado, did not join the fund, and did not immediately respond to request for comment.MORE: How the Toys 'R' Us closures massively impact?the U.S.Toys "R" Us filed for bankruptcy a year ago with plans to stay in business. But in March the company's creditors forced it to go out out of business, and the 31,000 remaining employees did not get severance payments.Some top executives at Toys "R" Us received bonuses as part of the bankruptcy process. The nation's bankruptcy laws place limits on the severance payments that can be made to laid-off employees, and they give priority to repaying creditors of the bankrupt companies.Had the employees been laid off before the bankruptcy, they would have been entitled to severance pay of up to one week of pay for every year of service.The million severance fund does not come from Toys "R" Us.The fund was set up following negotiations between the private equity firms and various public interest groups that organized the employees, including Organization United for Respect, Private Equity Stakeholder Project and Center for Popular Democracy."This Fund begins to ensure the hard-working people who spent their lives building Toys 'R' Us and making children happy are not left out in the cold," said Marilyn Muniz, a New York-based Toys "R" employee for nearly 20 years.The groups are seeking additional contributions to the fund from Vornado as well as two Toys "R" Us lenders, Solus and Angelo Gordon, which pushed the company to shutdown operations rather than stay in business. Solus did not respond to a request for comment and Angelo Gordon declined to comment.Tracy Forbes, a former employee who lost her job, told CNN Business that she had worked for the company for 31 years, making her way up to store manager of a Babies "R" Us store in Tempe, Arizona. At the time of the bankruptcy filing she figured she would get about seven months of severance if her store shut down. She said she was shocked when she learned the promised severance wouldn't be paid."It was very difficult," she said. "Here in Arizona, unemployment is only 0 a week. It's not even minimum wage. It was rough. I only got by with friends and family helping me out."After about four months she found a job as an assistant manager of a Home Goods store, which pays less than Babies "R" Us. She said she's kept in touch with the employees who used to work with her at Babies "R" Us."Just about everyone has found some kind of work, but it generally took three or four months," she said. "Some aren't earning as much. Some of the lower-level employees have actually found better paying jobs."The fund has hired attorney Kenneth Feinberg to come up with a formula to determine who gets how much money. Feinberg has made a career deciding distribution to victims of events, such as the terrorist attacks on September 11, 2001, and the BP Deepwater Horizon oil spill. He has proposed that payments go to workers who had been with the company at least a year and who made between ,000 and 0,000 in annual income."In order to maximize the impact of available funds, key eligibility requirements and payment parameters had to be instituted," said Feinberg. Payments are expected to start soon after December 15 and be completed by April.The million fund will not cover a full severance plan for the workers. The employee groups estimate that would take million.The proposed payment schedule provides at least 0 to anyone eligible for payments and as much as ,800 to the top earning employees -- those earning more than 0,000 a year who had been with the company for more than 25 years. Those earning more than 0,000 are not eligible to receive payments from the fund.A more typical employee, one who was earning ,000 a year with 10 years of service, would get ,400 under the plan, or about two-and-half weeks of pay.Former employees can go to www.trufinancialassistancefund.com to find out about how much they might get and to comment on the distribution formula. Depending on the comments, the formula might be adjusted before the payments start. 4424
Tuesday night, it was a who's who of A-list celebrities, all taking part in the Hand in Hand benefit to help people impacted by hurricanes Harvey and Irma. In total, the even raised more than 44 million dollars, but it may take much more to help victims fully recover.Nearly three weeks after Hurricane Harvey and you see debris and destroyed furniture in many Houston neighborhoods. At the Tyty home, recovery is a slow process, with some bright spots making it a little easier."Fortunately our stove is currently working," says Tosha Atibu. "It can still work."Atibu's home is gutted out, still she, her husband and four children are still living in it."I know it's not a safe place to be but I don't know where else I can go," Atibu says.More than 20,000 people are still in shelters or FEMA hotels in Texas. And even though flood waters are gone, mold and mosquitoes are still here along with the threat of sickness and disease. In hard-hit Port Arthur and Beaumont, people are still struggling to find the basics like food and water.But right now, all eyes are focused on Florida where people are just beginning picking up the pieces left in Irma's wake. They're clearing debris from roads and checking for damage, so that those who evacuated can return to their homes. But millions are still without power and boil water advisories are in place in many areas.In the U.S. Virgin Islands people are still being evacuated to Puerto Rico.St. Thomas Evacuee Patrice Harris says, "Being in a state where I'm not sure what's going to happen next, not sure where I'm gonna get my next meal, that's something that's very discomforting for me. So I'm happy to have been able to leave the island."All said, this is going to be a long recovery. The latest estimates show together, hurricanes Harvey and Irma have caused between 150 billion and 200 billion dollars in damage. And one estimate puts that figure closer to 300 billion dollars. 1972

Two of the highest profile races in the country -- both in Florida -- are likely headed to a recount soon.Sen. Bill Nelson's re-election bid is likely headed to a hand recount given that the incumbent Democrat now trails Florida Gov. Rick Scott by 17,000 votes, within the .25% margin required for a hand recount. Nelson's campaign aides believe he will emerge victorious once all the ballots are counted.And on the governor's side, Democrat Andrew Gillum -- after conceding the race on Tuesday evening -- has grown more supportive of a recount of late, in part because his deficit to Republican Ron DeSantis is down to 38,000 votes, within the .5% needed for a machine recount.Campaign aides, though, remain clear-eyed about the long odds that Gillum can make up that deficit.Recounts, which have not officially been authorized in either race, put the outcome of two of the most closely watched races of 2018 on hold, with Democrats hoping for a miracle that could get both Gillum, a candidate who garnered considerable attention in his campaign against DeSantis, and Nelson, an incumbent who Democrats had thought would win his seat going into Tuesday night, over the finish line with a win."On Tuesday night, the Gillum for Governor campaign operated with the best information available about the number of outstanding ballots left to count. Since that time, it has become clear there are many more uncounted ballots than was originally reported," Gillum's communications director Johanna Cervone said in a statement. "Mayor Gillum started his campaign for the people, and we are committed to ensuring every single vote in Florida is counted."At no point in the statement, though, did Gillum's campaign withdraw the concession and sources close to the mayor highlight that his outlook hasn't changed since his Tuesday night speech. It it is important to Gillum, these sources said, that his supporters know they are fighting for every vote."We want every vote counted, we believe that there are still votes out there for Mayor Gillum and we want to make sure his supporters know we are fighting for every vote," one source said.Gillum and DeSantis have not talked since election night, the source added. Gillum told supporters on Tuesday that he talked to DeSantis and "congratulated him on what we expect will be him as the next governor of the great state of Florida."Florida coming down to a recount gives political watchers déjà vu, given the impact the state's recount played on the 2000 presidential election that saw President George W. Bush elected after winning Florida by 537 votes.And the recounts now have echoes of 2000: Gillum's campaign has hired Barry Richard to represent them during the recount. Richard had previously been known for representing Bush during the 2000 recount.Nelson's campaign has hired Marc Elias, a Democratic lawyer who regularly works issues of voter's rights and election protection.Elias told reporters on Thursday that he believes Nelson could come out victorious if there is a full recount. The senator needs to be within .25% to trigger a hand recount of ballots marked as undervotes (voters who did not fill out all available choices on the ballot) or overvotes (voters who made more choices than allotted on the ballot). The hand recount would only occur if there are enough overvotes, undervotes and provisional ballots left to change the outcome.While he was down 57,000 ballots on election night, that total has ticked down to 17,000 votes on Thursday."It's a jump ball," Elias said. "But I firmly believe that at the end of this process, Nelson will prevail."He added: "We're doing this not just because it's automatic, but we're doing it to win. A significant number of ballots have not yet been counted and, because of the size of Florida, we believe the results of the election are unknown and require a recount."Elias said he and his team are keeping an eye on provisional ballots counted statewide, which he argued tend to favor Democrats, and votes in Broward and Palm Beach counties.The center of Democratic voting concerns are in Broward County, the second most populous county in Florida, where lawyers believe there is an issue with how voters were calculated for Nelson. Election officials in Broward County have yet to reveal how many total ballots were cast, let alone how many they have left to count. Democrats believe Nelson's margin could shrink even more once ballots from the county -- along with nearby Palm Beach County -- are counted. Both counties are considered areas rich in Democratic votes.Scott's campaign responded by accusing Nelson of trying to "steal" the election."It is sad and embarrassing that Bill Nelson would resort to these low tactics after the voters have clearly spoken," said a statement signed by Scott's team. "Maybe next, he'll start ranting that Russians stole the election from him."Republicans, confident both Nelson and Gillum will lose, have grown clearly annoyed with the process."It would be one thing if it were 3,000 or 5,000 votes -- but 20,000? Come on," said a Republican official in Florida. "This is a waste of time and it is because they can't come to grips with the fact that they lost."But Democrats got a boost on Thursday when late-added votes flipped the leader in the race for Florida agriculture commissioner.Nikki Fried, the Democratic candidate, has taken a small lead over state Rep. Matt Caldwell, the Republican candidate. Caldwell, a close ally of Republican Sen. Marco Rubio, appeared to be victorious on election night.However, as the vote continued to trickle in, Caldwell's lead shrunk, and two days after the election, Fried has nosed ahead by just over 500 votes.This race, like the gubernatorial and Senate races, is certainly headed to a recount. 5790
Tupperware relied on social gatherings for explosive growth in the mid 20th century. In the 21st century, it is social distancing that is fueling sales.Restaurant pain has turned into Tupperware’s gain with millions of people in a pandemic opening cookbooks again and looking for solutions to leftovers. They’ve found it again in Tupperware, suddenly an “it brand” five decades after what seemed to be its glory days.The company had appeared to be on life support, posting negative sales growth in five of the last six years, a trend that seemed to be accelerating this year.Long gone was the heyday of the Tupperware Party, first held in 1948, which provided women with a chance to run their own business. That system worked so well, Tupperware took its products out of stores three years later. But it has struggled as more families gave up making dinner from scratch and also dining out more.Then the pandemic struck.Profit during the most recent quarter quadrupled to .4 million, Tupperware reported Wednesday.The explosion of sales caught almost everyone off guard and shares of Tupperware Brands Corp., which had been rising since April, jumped 35% to a new high for the year. Shares that could be had for around in March, closed at .80 on Wednesday.Tupperware stands apart from most other companies that have thrived in the pandemic. Unlike Netflix, Amazon.com, Peloton or even DraftKings, it doesn’t rely on a hi-tech platform.However, it’s certainly not alone as the pandemic bends how we spend our time more rapidly perhaps than any point in our lifetimes.On Monday the toymaker Hasbro said that its games division, which includes board games like Monopoly, saw a 21% jump in revenue.On Wednesday, Tupperware reported quarterly adjusted earnings of .20 per share, triple what Wall Street had expected. Revenue of 7.2 million was about 30% higher than forecasts and 14% better than last year.CEO Miguel Fernandez said the company, based in Orlando, Florida, had shifted more heavily to digital sales to accommodate those sheltering in the pandemic. He also noted “increased consumer demand.”The company earlier this year had begun a turnaround campaign. Fernandez, who once led Avon, was named CEO in March just as COVID-19 infections began to spread in the U.S. 2293
Twitter CEO Jack Dorsey says "we're ready to question everything" about the social networking site that has been overrun by spam, abuse and misinformation.Dorsey says he and his team are working extensively behind the scenes to stamp out some of the harassment and hate speech that has generated bad headlines lately.But it is a long-term effort, he says, and he is reluctant to commit to an exact timetable for certain changes to Twitter's foundation.In twelve years, "we've changed a lot. But we haven't changed the underlying fundamentals," Dorsey told CNN in an in-depth interview at the company's headquarters on Friday.The basic fundamentals are what he is examining now. For instance: What does Twitter incentivize its users to do?"Every product decision we make is 'telling' them to do something," Dorsey said.So he is thinking about how to help users follow topics and hashtags, not just people."We are aware of some of the silos and how we're isolating people by only giving them crude tools to follow accounts. We need to broaden our thinking and get more back to an interest-based network," he said.Related: Twitter's Jack Dorsey: 'We are not' discriminating against any political viewpointDorsey is also rethinking how follower counts and "likes" on posts are displayed, because the race to gain followers and likes may encourage outrageous behavior.His view is that Twitter needs to be much more "transparent" and open about its actions. But that transparency, some of which was on display during Dorsey's media tour this month, means asking questions without actually answering them.Among the questions Dorsey asked in the CNN interview: "How do we earn peoples' trust?" and "How do we guide people back to healthy conversation?"While he may get credit for asking big, philosophical questions about how his site operates, Dorsey remains vulnerable to criticism about Twitter's inaction.He responded to that by saying "we are taking a lot more action than we ever have in the past." But much of the action is invisible to users, he asserted.For example: The disabling of bot networks and other suspicious accounts. Dorsey said Twitter challenges "10 million accounts every single week to see if they're automations or humans," and takes action accordingly.But Twitter's stock plunged last month when its quarterly earnings report showed a decline in user growth, which the company attributed to its efforts to clean up the site, akin to gardeners removing weeds.Nonetheless, Dorsey is committed to what he calls "conversational health" -- the quality of an exchange on Twitter -- which he is trying to measure with the help of two research groups. He said investors should take a look at the long-term trends: "We see this as necessary and right and we believe in it and we have conviction around it, and we'll take the hit in the short term."Related: Twitter is purging suspicious accounts from your follower countHe also asserted that "over the short term, a lot of this work is invisible, and over the long term, it starts to add up."As for some of the specific changes, like a rethinking of the like button, Dorsey was reluctant to talk about a timeline."We're looking and thinking about all these things right now," he said. So: By the end of the year? "I worry about a time frame like that," he said, "because we also need to take into consideration -- we're a small company. I mean we, in comparison with our peers, we're a small company, but we have this outsized impact and I believe, importance."Later, he added, "We have to understand first the problem we're trying to solve, like what incentives we actually want to drive; not just what we want to remove, but what we want to drive." But he said he knows he wants incentives "that encourage people to talk and to have healthy conversation." 3824
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