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Tell Bain Capital to Put Kids First!
Tell Bain Capital's Andrew Balson and Joshua Bekenstein our kids are more important than payouts for millionaires.
Bain Capital’s buyout will cost millions in fees and load Bright Horizons with up to $850 million in new debt. As managing directors of Bain Capital, Balson and Bekenstein can ensure that the buyout will not hurt services for the families who depend on Bright Horizons for quality child care and early education.
| Sample Letter for Campaign |
Subject: Put Kids First, Not Profits
Dear [ Decision Maker ] ,
You and members of Bright Horizons' board of directors are taking home millions from a buyout deal that could affect care for 72,000 children. In return, you must promise that:
- Decrease turnover and increase quality by guaranteeing that Bright Horizons jobs are good jobs. Fair wages, affordable health care, secure retirement benefits, and a voice at work will ensure that highly skilled teachers stay on the job and provide consistent, quality child care. Any financial benefits from Bain's takeover of Bright Horizons should be shared by everyone involved in building the value of the company, including the classroom staff that children and parents depend on every day.
- Be open and honest with the public about their plans for Bright Horizons. Bright Horizons plays a central role in the lives of the children, parents, and teachers at its centers, and serves an important purpose in the communities it operates in. Bain should practice transparency and disclosure in all of its plans for the company that may affect parents, teachers, and the general public, including plans to open or close centers or cut capacity at centers, raise parent fees, place additional debt burdens on the company and/or make significant changes in staffing or other policies.
- Give parents and teachers a seat at the table as decisions are made about Bright Horizons' future. Bain should create an advisory committee of parents and teachers to participate in planning the future of Bright Horizons. Parents and teachers know the children best and can contribute to the long-term strength of Bright Horizons; Bain should welcome their expertise to ensure that changes will benefit rather than harm children, parents and teachers."
Sincerely,
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Campaign Launched:
July 29, 2008
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Several companies have gone bankrupt following a buyout and it is for this reason that SEIU — along with parents, childcare advocates and community groups — is very concerned about the implications of the Bright Horizons buyout.
The amount of new debt Bain Capital added to Bright Horizons’ books equates to 21 times the childcare company’s annual profit.
To put it in “real people” terms, let’s say a household brings in $50,000/year. After the bills are paid, groceries bought, taxes paid, etc., they have $5,000 left. And then they go and charge an additional $105,000 to their credit cards.
Given the level of new debt Bright Horizons has been saddled with, we are concerned that centers will be closed and staff let go — despite reassurances from management.
Parents and staff deserve to know what changes Bain Capital is planning for Bright Horizons. Tell them to put kids first.
In 2000 Bain capital bought KB Toys and by 2004 the toy company had filed for bankruptcy, laying off thousands of workers and closing thousands of stores. Is this what Bain has in mind for Bright Horizons? What will happen to the 70,000 children who currently depend on Bright Horizons' childcare services?
Join SEIU on Thursday, July 31st at 11:30 am for a rally outside one of DC's Bright Horizons childcare center and demand that Bain Capital:
1. invest in and ensure high quality childcare.
2. commit to being open and honest about its plans for Bright Horizons, and
3. give parents and staff a seat at the table when decisions are made.
Location TBA. For more information click here or call 877.730.7196.
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