Toys ‘R’ Us Workers Take on Private Equity Vultures

Negin Owliaei Researcher, Institute for Policy Studies

It was once the biggest toy company in the world. But Toys ‘R’ Us  turned off the lights in its remaining stores for the last time on Friday, becoming the most recent casualty of Wall Street greed.

As Toys ‘R’ Us first began its descent into bankruptcy and liquidation, it was seen as another point on the “retail apocalypse” continuum, with many in the media blaming e-commerce and changing shopping habits for store bankruptcies around the country. But the narrative is shifting to place the blame on the private equity firms that purchased the company with a leveraged buyout in 2005, only to saddle it with billions of dollars in debt.

That shift is due in no small part to the biggest victims of the buyout — the more than 30,000 Toys ‘R’ Us employees now out of a job. Those workers aren’t letting the store close without a fight for fair severance, and consequences for the Wall Street firms that turned a profit while leaving them in financial insecurity.

Tens of thousands of people signed petitions calling on Toys ‘R’ Us owners to pay workers out of the sizeable private equity profits. Workers gathered in Bain Capital’s New York City lobby, creating a mock graveyard to mourn the toy store “killed by Wall Street greed.” They protested at the private equity firms that owned the company, outside the home of former CEO David Brandon, and within their local stores.

Posted In: Allied Approaches

Union Matters

Get to Know AFL-CIO's Affiliates: National Association of Letter Carriers

From the AFL-CIO

Next up in our series that takes a deeper look at each of our affiliates is the National Association of Letter Carriers.

Name of Union: National Association of Letter Carriers (NALC)

Mission: To unite fraternally all city letter carriers employed by the U.S. Postal Service for their mutual benefit; to obtain and secure rights as employees of the USPS and to strive at all times to promote the safety and the welfare of every member; to strive for the constant improvement of the Postal Service; and for other purposes. NALC is a single-craft union and is the sole collective-bargaining agent for city letter carriers.

Current Leadership of Union: Fredric V. Rolando serves as president of NALC, after being sworn in as the union's 18th president in 2009. Rolando began his career as a letter carrier in 1978 in South Miami before moving to Sarasota in 1984. He was elected president of Branch 2148 in 1988 and served in that role until 1999. In the ensuing years, he worked in various roles for NALC before winning his election as a national officer in 2002, when he was elected director of city delivery. In 2006, he won election as executive vice president. Rolando was re-elected as NALC president in 2010, 2014 and 2018.

Brian Renfroe serves as executive vice president, Lew Drass as vice president, Nicole Rhine as secretary-treasurer, Paul Barner as assistant secretary-treasurer, Christopher Jackson as director of city delivery, Manuel L. Peralta Jr. as director of safety and health, Dan Toth as director of retired members, Stephanie Stewart as director of the Health Benefit Plan and James W. “Jim” Yates as director of life insurance.

Number of Members: 291,000 active and retired letter carriers.

Members Work As: City letter carriers.

Industries Represented: The United States Postal Service.

History: In 1794, the first letter carriers were appointed by Congress as the implementation of the new U.S. Constitution was being put into effect. By the time of the Civil War, free delivery of city mail was established and letter carriers successfully concluded a campaign for the eight-hour workday in 1888. The next year, letter carriers came together in Milwaukee and the National Association of Letter Carriers was formed.

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There is Dignity in All Work

There is Dignity in All Work