Lawyers are the biggest winners in Toys ‘R’ Us' bankruptcy
The top law firm handling the Toys R Us liquidation earned $56 million between September, 2017 and December, 2018.When Toys ‘R’ Us filed for bankruptcy in September 2017, toy manufacturers and store workers were quick to predict that the only winners would be the lawyers.
Geier and Sussberg are familiar to anyone who listened to the bankruptcy hearings. Sussberg usually presented the opening statements and the big-picture overview with Geier following up on procedural matters. On the day Sussberg and Toys ‘R’ Us announced the liquidation, Kenneth Eckstein, attorney for the creditors committee, called the collapse “the largest and most rapid deterioration of a retail company that I have ever observed.”
Ann Marie Reinhart, a Toys ‘R’ Us employee for 29 years and a leader of the United for Respect organization, which led the fight for severance, reacted to the news of the legal fees by calling it another example of how the employees were overlooked in the bankruptcy.
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