Former Toys R Us Owners Set Up $20M Severance Fund For Employees

Two private equity firms that used to own Toys R Us have contributed millions of dollars to help workers who were laid off after the toy chain closed its doors earlier this year.

KKR and Bain Capital said in a joint statement Tuesday they each contributed $10 million to create the TRU Financial Assistance Fund.

The companies say that money will go to certain former Toys R Us employees who lost their jobs.

In order to be eligible to receive money from the fund, workers must have worked for Toys R Us for more than a year, made a minimum of $5,000 but no more than $110,000 per year and met the company's termination and employment guidelines. It's unclear how much money each qualified employee will receive. 

Toys R Us filed for bankruptcy in September 2017 and closed its U.S. stores earlier this year due to declining sales.