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Elizabeth Warren: “Workers who lost their jobs and their retirement plans, they…”

Featuring: Elizabeth Warren, Democratic | U.S. Senate, Massachusetts

How Private Equity Gutted Local Malls: Joann Fabrics, Red Lobster, Claire's, and More.

Published May 21, 2026 | Video Starts at 03:49

The PE Company made out like bandits. The Toys R Us CEO, a friend of the private equity company, got a nice salary and then took a $2.8 million bonus. Oh, and the Workers who lost their jobs and their retirement plans, they were given severance packages amounting to $60 per person. 60. I'll say that again. Nearly half a billion to private equity. A $2.8 million bonus for the CEO and $60 for each worker who is now out of a job. (03:49–04:01)

CLAIM

Asserts that laid-off workers received minimal severance packages.

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Elizabeth Warren

“Companies bought by private equity firms are 10 times more likely to go bankrupt than those that aren't.”
How Private Equity Gutted Local Malls: Joann Fabrics, Red Lobster, Claire's, and More. | Uploaded May 21, 2026 | 01:07-01:15
“Over 13 years, Toys R Us ended up shelling out $464 million, nearly half a billion dollars to the private equity companies.”
How Private Equity Gutted Local Malls: Joann Fabrics, Red Lobster, Claire's, and More. | Uploaded May 21, 2026 | 02:07-02:18
“Private equity bought Toys R Us back in 2005, and at the time, the company had over $11 billion in revenue.”
How Private Equity Gutted Local Malls: Joann Fabrics, Red Lobster, Claire's, and More. | Uploaded May 21, 2026 | 01:35-01:45
“Toys R Us had to declare bankruptcy despite the destruction they caused.”
How Private Equity Gutted Local Malls: Joann Fabrics, Red Lobster, Claire's, and More. | Uploaded May 21, 2026 | 02:55-03:02
“The Toys R Us CEO, a friend of the private equity company, got a nice salary and then took a $2.8 million bonus.”
How Private Equity Gutted Local Malls: Joann Fabrics, Red Lobster, Claire's, and More. | Uploaded May 21, 2026 | 03:37-03:48
“Washington has done very little to rein in these [private equity] firms or to ensure that their incentives align with the best interests of…”
How Private Equity Gutted Local Malls: Joann Fabrics, Red Lobster, Claire's, and More. | Uploaded May 21, 2026 | 04:49-04:58
“I have a bill to make this illegal. The bill is called Stop Wall Street Looting Act.”
How Private Equity Gutted Local Malls: Joann Fabrics, Red Lobster, Claire's, and More. | Uploaded May 21, 2026 | 05:24-05:31