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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
U.S. employers added a substantial 4.8 million jobs in June, and the unemployment rate fell to 11.1%, as the job market improved for a second straight month yet remained far short of regaining the colossal losses it suffered this spring. The nation has now recovered roughly one-third of the 22 million jobs it lost to the pandemic recession.The monthly job report coincided with the Department of Labor's weekly report on unemployment claims, which indicated that 1.4 million Americans filed initial claims for unemployment during the week ending June 27. That brings a 15-week total to about 47.9 million claims.Thursday's figures were down about 60,000 from last week's unemployment filings. It marked the fourth straight week where unemployment claims have hovered at about 1.5 million.Weekly claims for unemployment have been falling for about four straight months after peaking at about 6 million a week in late March. But weekly unemployment claims remain historically high.Prior to the pandemic, the record high for weekly unemployment claims came in 2006, when 665,000 people filed for unemployment. The Department of Labor has been tracking the statistics since 1967.Economists often use weekly unemployment claims as a reliable tool when predicting unemployment. However, some surveys indicate that initial weekly claims may be underestimating the amount of those unemployed.At least one survey from the Economic Policy Institute found that millions of Americans gave up trying to seek benefits or didn't even start the process due to states' overwhelmed and antiquated unemployment systems.The new figures also come weeks before increased unemployment benefits provided through the CARES Act are set to expire later this month.While unemployment remains historically high, the stock market has improved drastically in recent months. Markets closed their best Second Quarter in decades this week, as states' reopening efforts and significant progress on a potential vaccine buoyed investorsHowever, cases are spiking again in many parts of the country. Several states have chosen to pause and even walk back their efforts to reopen their economies, leading to fears that more shutdowns and more unemployment could be on the way. 2247
TVs steal the Black Friday spotlight year after year, for good reason: Electronics retailers, big-box stores and wholesale clubs all cut prices on TVs of different brands, sizes and resolutions. In the past, retailers often reserved the biggest deals for in-store shoppers. But with the pandemic still going on, there’s a good chance you’ll see more online doorbusters than ever this year.Many TV bargains kick off at specific times or will be available in limited quantities, so you’ll have a better shot at them if you act fast. Check out our deal breakdown below.What are the best Black Friday TV deals in 2020?Retailers’ Black Friday TV deals are starting to land. Here are some of our top picks:Amazon is advertising discounts on select Samsung and Sony TVs, plus up to 25% savings on TVs 75 inches and larger.Best Buy’s sale will include a 70-inch Samsung 4K Smart TV for 9.99 (0 savings). This deal is only in stores, beginning Sunday, Nov. 22.Best Buy is also shaving 0 off the Insignia 50-inch Class LED 4K UHD Smart Fire TV Edition TV (on sale for 9.99, regularly 9.99). The TV will be available in limited supply starting Nov. 26 online.Costco’s sale features several TVs, including a Samsung 70-inch Class Q6DT Series 4K UHD QLED LCD TV for 9.99. It comes with a Allstate Protection Plan bundle and a six-month Showtime credit. The deal is available online and in stores through Nov. 30.Dell is selling a 65-inch LG OLED 4K Smart Ultra HDTV for ,999 (0 savings).Target has a 65-inch TCL 4K UHD HDR Smart Android TV in limited quantities for 9.99 (regularly 9.99). The sale starts Nov. 22 online and in stores.Target also has a 65-inch Sony UHD HDR Smart Android TV for 9.99 (regularly 9.99). Shoppers can get a Target gift card free with the purchase.Walmart is offering a Vizio 70-inch Class 4K UHD TV for 8, online only in limited numbers. The deal launches Wednesday, Nov. 25 at 7 p.m. ET.What were the best Black Friday TV deals in 2019?In 2019, as in past years, you could find TVs on sale almost anywhere you looked. But major Black Friday players like Target and Best Buy lived up to their reputations, serving up supreme savings.Best Buy’s sale included the Insignia 58-inch 4K UHD HDR LED smart TV with Fire TV and Amazon Echo Dot for 9.99 (0 off).Dell offered a Vizio 65-inch 4K UHD HDR smart TV for 9.99 (0 off), plus a Dell eGift card. The doorbuster deal started Nov. 28 at 11 p.m. ET.Target sold a 50-inch Westinghouse Roku 4K HDR UHD smart TV for 9.99 (0 off, in-store only).How to decide if it’s worth itIf you need a TV upgrade, now might be the time to act, especially if you’re expecting to hunker down indoors this winter.However, Black Friday isn’t the only opportune time to buy a TV. Discounts are also common in January and February — close to the Super Bowl — and around the time new models hit shelves, which is usually in spring.How to budget for a TVBefore you drop several hundred dollars on a new TV, decide how much you can comfortably afford to spend on Black Friday purchases. You can use a budget calculator as a guide for distributing your monthly income toward different expense categories.More From NerdWalletApple Watch Black Friday 2020 Deals: Are They Worth It?Do These Things to Keep Your Holiday Packages SafeHow to Get the Best Amazon Black Friday 2020 DealsLauren Schwahn is a writer at NerdWallet. Email: lschwahn@nerdwallet.com. Twitter: @lauren_schwahn. 3488
Tropical Storm Zeta is expected to strengthen into a hurricane before slamming into the Louisiana coast late Wednesday night with "life-threatening storm surge."Zeta is moving north of Mexico's Yucatan Peninsula Tuesday night, after dumping rain and causing potential flash flooding. As of 5 p.m. ET, Zeta was moving north at about 14 mph, with sustained winds of 65 mph. 380
TUCSON, Ariz. — Police in Marana, Arizona are investigating after a man was reportedly holding a gun in his lap at a Starbucks near Cortaro and I-10 Saturday morning.Marana Police say around 8:45 a.m. there was a report of the man having his finger on the trigger of an un-holstered gun. The man was detained without incident when officers arrived. No one was hurt.Authorities say the man, 51-year-old James Vincent Delaney, was arrested and booked into the Pima County Adult Detention Facility on felony Disorderly Conduct and Weapons Misconduct related charges. 592