undergroundnewsroom.com
undergroundnewsroom.com January 20, 2018


Pension War Could End Toys R Us This Week

21 December 2017, 01:12 | Rodolfo Quinn

Toys R Us faces collapse with loss of all 3200 UK jobs

Toys R Us rescue plan at risk of crumbling as PPF demands £9m injection

Struggling retailer Toys R Us could go into administration after being told to plough millions of pounds into its pension fund.

Under the CVA plans, Toys R Us is proposing to close at least 26 loss-making United Kingdom stores, with the loss of 800 jobs.

Toys R Us has proposed a deal that could wipe out its pension deficit within a decade in an eleventh-hour attempt to stave off a collapse threatening 3,200 jobs.

If the procedure were unsuccessful, it was considered likely that all 84 stores and a few more pop-ups would be forced to shut their doors, potentially leaving as many as 3,200 staff out of work.

But the deficit is higher under the PPF's assessment and it is understood that the pensions lifeboat fears that pensioners and the fund will be left at risk without £9m in extra cash.

Republicans trade blame over Alabama Senate loss
State laws say that a recount only is needed if the margin is within half a percentage point. Trump on Friday said that he believed Moore should concede the race.

Sean "Diddy" Combs expresses interest in Panthers, signing Kaepernick
He will not entertain any inquiries before the last game has been played. "Let's make history ", he continued. The 81-year-old's decision to sell comes while he is under investigation for alleged workplace misconduct.

Sarah Palin's son Track accused of assaulting his father
Upon arriving, cops say they found Todd fleeing in a vehicle and bleeding from the face. with Track still inside. Todd Palin said he told Track Palin not to come but that his son said he would come anyway to beat him up.

The Daily Telegraph understands that the PPF are working on the basis that if the CVA is not passed at the meeting, Toys R Us will come up with a new solution.

Toys R Us Holdings' latest set of accounts filed at Companies House show a pension deficit of £18.4m in January, up from £10.25m a year before. The parent company filed for Chapter 11, the U.S. version of administration, in September after running up $5bn (£3.7bn) of debts.

Despite a recent streamlining of its United Kingdom operations, the warehouses of Toys R Us could grind to a complete halt this week due to a boring battle over pension provisions that could see the administrators called in by Thursday.

"Since the company lodged the CVA proposals we have spent significant time and effort, with the help of PwC, assessing the current and future financial position of the company to ensure the pension scheme would not be weakened by the CVA, leading to an even bigger claim on the PPF and its levy payers further down the line".

Mr Weir added that: "Whatever the outcome of the CVA the pension scheme members can be reassured that they remain protected".



Other News

Trending Now

The Office Revival Coming In 2018/19 Season; Features Old And New Characters
It's always, 'Maybe someday, but not now.' There is certainly an open invitation, but we don't have anything happening right now. "I've talked to (showrunner) Greg (Daniels) four times over the past few years".

Do You Want to Believe? Government UFO Search Never Stopped
Reid, who retired from Congress earlier this year, said he is proud that he started the program while serving in public office. Who knows what else the AATIP program uncovered? "If America doesn't take the lead in answering these questions, others will".

Trump says would like to have Russia's help with North Korea
But Russia is inextricably linked to any discussions regarding North Korea, so Trump also doesn't have much of a choice. If true, that would contradict Trump's assertion that China is "helping" with the situation. "China is helping.

China calls for unity of int'l community over Jerusalem issue
Haley was adamant that "the United States will not be told by any country where we can put our embassy". Thank you, President Trump. "Thank you, Nikki Haley".

NY police investigating rap mogul Russell Simmons
Simmons remained Baker's manager after the alleged rape, and so she continued to interact with him and he continued to harass her. He said he would "relentlessly fight against any untruthful character assassination that paints me as a man of violence".

SM Entertainment Confirms SHINee Jonghyun's Has Passed Away
The group has had four number one albums in South Korea and have also released five albums for Japan in Japanese. Kim's fans will be able to pay respects at the funeral hall of Asan Medical Center in Songpa-gu, Seoul .

Magic Leap AR headset scheduled to release in 2018
Magic Leap counts among its investors the Chinese e-commerce giant Alibaba Group Holding Ltd. and Alphabet Inc.'s Google . In September, Bloomberg reported that the headset will cost $1,500 to $2,000, citing people familiar with company's plans.

PUBG Xbox One gets its first patch
So we would definitely get to see this game for the PS4 console, but again there is no any confirmation on this as of now. Before, Australians and New Zealanders were forced to play on North American, European and Asian servers only.

McCain has returned home to Arizona after treatment, office says
He voted for the initial version of the tax plan, which includes sweeping tax cuts and initially passed the Senate with 51 votes. John McCain has returned to Arizona to celebrate Christmas with his family and will miss the vote on the GOP tax bill .

Brentwood woman laundered money to support ISIS
If convicted, Shahnaz could face a maximum of 30 years for bank fraud and 20 years on each count of money laundering. Cryptocurrencies may be used "to avoid detection by law enforcement or intelligence services", prosecutors said.