KKR and Bain Capital have launched a $20 million fund that will help former Toys “R” Us employees in the U.S. who lost their jobs as a result of the liquidation of the business.
Kenneth Feinberg and Camille Biros, who presided over similar relief programs, such as the 9/11 Fund and the BP Oil Spill Fund, will serve as the administrators of the TRU Financial Assistance Fund. Recently, both Feinberg and Biros served as fund administrators for various Roman Catholic dioceses resolving claims of sexual abuse by clergy.
In order to be eligible to receive financial assistance from the fund, former Toys “R” Us employees must have worked at least one year at the toy retailer and earned between $5,000 and $110,000 in annual income.
The claims process is expected to begin Dec. 15, 2018. Allocations and distributions from the fund will begin shortly after and be completed on or about April 30, 2019.
Although KKR and Bain Capital have each committed $10 million to the fund, neither firm will have any role in administering the fund or in the distribution of the monies to ex-Toys “R” Us employees.