Retail News

Creditors sue former Toys ‘R’ Us CEO, board over bankruptcy

The Wall Street Journal 03/13/2020

A group of creditors who lost money when Toys “R” Us went bankrupt have sued the retailer’s former CEO, David Brandon, and several members of the company’s board connected to owners Bain Capital, KKR & Co. and Tornado Realty Trust. They allege that the parties took money out of the company before it collapsed. The creditors claim to have lost $800 million as a result. Bob Bodian, an attorney representing the individuals being sued, claims they acted in “the best interest of the company and its shareholders” and the suit is nothing more than a “misguided effort to pressure insurance carriers to pay meritless claims.”

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