Basically, the company had to pay for its own buyout when private equity firms KKL, Vornado, and Bain bought the company for $6.6 billion, mostly with loans.

Because the company then had to pay off those extreme loans, they were forced to sell off their assets and property, which they leased back from the very private equity firms that now owned them.

The same thing happened more recently with Red Lobster and JoAnn Fabrics.

  • primrosepathspeedrun@anarchist.nexus
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    3 days ago

    vulture capitalism

    No other kind. Every major gain is just made by eating a corpse you don’t acknowledge-polluting the air or putting plastics in all our blood or slopping us with malevolent ux and llm’s.