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this was strange some/ why didn't mat help

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mick Member Level  Sunday, 07/08/18 03:10:19 PM
Re: girlfriend post# 180
Post # of 261 
this was strange some/ why didn't mat help them ?????

Lawmakers Question KKR, Bain Capital Over Toys 'R' Us Failure
Date : 07/06/2018 @ 1:24PM
Source : Dow Jones News
Stock : Kkr & Co. Inc. Class A (KKR)
Quote : 27.04 0.19 (0.71%) @ 6:26PM
Lawmakers Question KKR, Bain Capital Over Toys 'R' Us Failure

https://ih.advfn.com/p.php?pid=nmona&article=77819591


By Chris Cumming
Nineteen members of Congress sent a letter to the private-equity
backers of Toys "R" Us Inc. questioning their role in the
toy retailer's bankruptcy and criticizing the leveraged-buyout
model as an engine of business failure and job loss.

The July 5 letter was addressed to the heads of KKR & Co., Bain Capital and Vornado Realty Trust
and signed by 18 Democratic members of the House of Representatives
and Sen. Bernie Sanders (I., Vt.).

It asks whether the investment firms deliberately pushed Toys "R" Us into bankruptcy
and encourages them to compensate the roughly 33,000 workers who
lost their jobs.

"Leveraged buyouts -- such as those facilitated by your companies -- often result in
mass job loss, closure of profitable businesses and unnecessary financial burdens for local government,
" the letter states. "Such buyouts harm communities,
while investment managers walk away with significant gains."

The letter is addressed to KKR's Co-Chief Executives George Roberts
and Henry Kravis, Bain Capital Co-Chairman Joshua Bekenstein,
and Vornado Chairman and Chief Executive Steven Roth,
and asks for a response to the questions by July 15.

It is an informal letter of inquiry and the firms aren't
legally obligated to reply, a congressional aide said.

KKR issued a response dated July 6 stating that Toys "R" Us's
troubles were caused by market forces --
specifically the growth of e-commerce retailers --
and that the decision to liquidate was made by the company's creditors, not KKR,
and was against the firm's wishes.

The letter, signed by KKR's global head of public affairs, Ken Mehlman, was reviewed by The Wall Street Journal.

"To be clear, we did not want the U.S. operations to be liquidated.

We wanted the company to restructure, return to health
and vitality and stay in business --
but the creditors had a different and prevailing view,"
KKR's response read.

Bain Capital didn't comment on the congressional letter.

Vornado didn't respond to a request for comment.

The letter may add to the pressure on the three investment firms
over their role in the
failure of Toys "R" Us, which filed for bankruptcy in September
and last week closed its U.S. stores.

Laid-off workers, union representatives and advocacy groups
for retail employees have pressured KKR's and Bain Capital's investors,

asking for $75 million in severance.

Minnesota's state pension suspended investments with KKR until
it conducts an investigation of the
New York firm's role in Toys "R" Us's collapse.

The Washington State Investment Board last month questioned
KKR executive Nate Taylor over the firm's management of the retailer.

In their letter, the lawmakers questioned the firms about the
debt burden they placed on Toys "R" Us
and asked what services they performed for the fees they collected,

whether they plan to pay severance to the workers who lost their
jobs and whether
any firm employees were involved in the decision to lay off the workers.

KKR stated in its response that it reinvested $3.5 billion in
Toys "R" Us over the course of its ownership and didn't take any investment profits.

It added that it wrote down its entire equity investment of
$418 million and challenged reports that it had earned a profit
on the investment.

"Even accounting for fees received from Toys 'R' Us, we have lost
many millions of dollars.

To find anyone who profited, one would need to look at the
institutions that pushed for Toys to liquidate its U.S. business,
" the firm wrote.

KKR wrote that it has been in touch with representatives of the
laid-off workers and "expressed our desire to help them."

"We believe we have found a path outside of the bankruptcy process
to help those who need it the most,
and we are committed to supporting this, " the firm said.

Write to Chris Cumming at chris.cumming@wsj.com


(END) Dow Jones Newswires

July 06, 2018 13:09 ET (17:09 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.





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