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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
Under an American flag and dark night sky, US President Donald Trump personally welcomed home three American detainees Thursday morning after they were released from North Korea.The Americans -- Kim Dong Chul, Kim Hak-song and Kim Sang Duk, also known as Tony Kim -- were freed Wednesday while Secretary of State Mike Pompeo was on a visit to the North Korean capital of Pyongyang to discuss President Trump's upcoming summit with North Korean leader Kim Jong Un.No family members or friends of the three freed Americans were on hand for their arrival in the early hours of Thursday due to protocol reasons, an official told CNN, adding the men had to first debrief intelligence officials before heading to their homes. 727
University of Arizona assistant basketball coach Mark Phelps and senior basketball player Keanu Pinder have both been suspended from the team for violating unspecified NCAA rules.Both will miss Friday's game against Northern Arizona University.Phelps's suspension is without pay and will last five games. It's not related to the FBI investigation of Arizona assistant Book Richardson, who is in the process of being fired.Phelps will return to coaching duties on Nov. 15.Pinder will miss only the NAU game and will be reinstated for the team's next game.Here is the official statement released by University of Arizona spokesman Jeremy Sharpe: 676
UPDATE (6:50 p.m.): Power has been restored to the affected areas in the Mid City area. Original report follows.SAN DIEGO (KGTV) — Thousands were without power late Tuesday as a power transformer exploded in the Normal Heights area.The transformer explosion sparking a small fire in the 330 block of El Cajon Blvd., but flames didn't spread to nearby buildings, according to San Diego Fire-Rescue. Video at the scene showed sparks showering on the ground below.According to SDG&E's outage map, nearly 7,500 customers in the University Heights, North Park, Normal Heights, Kensington, Talmadge, and City Heights areas were without power starting just after 5:30 p.m. SDG&E crews were assessing what caused the outage and estimated the outage to be restored by 8:30 p.m., according to the map. 807
UPDATE (9:38 p.m.): CA-74, the Ortega Highway, will be closed Monday, according to Cleveland National Forest.UPDATE (8:00 p.m.): Evacuations were lifted for the Lake Elsinore community in Riverside, according to a tweet from Cleveland National Forest.UPDATE (7:33 p.m.): Crews reached 51% containment and the fire remained at 22,714 acres, according to a tweet from Cleveland National Forest.(KGTV) -- On day six of the battle against the destructive Holy Fire, crews gained ground, increasing containment to 41 percent. Early Sunday morning, officials with the Cleveland National Forest tweeted that the fire had grown to 22,714 acres, up from 22,158 Saturday night. The tweet went on to say that crews are "continuing to improve fire lines and suppress where possible."In total, more than 1,500 firefighters are fighting the Holy Fire. Assisting them are 86 water-dropping helicopters and 14 fixed-wing aircraft. RELATED: Animals rescued from California wildfires by motorcycle-riding CoverGirlThe fire started in the Trabuco Canyon area of the Cleveland National Forest. 1122