How Private Equity Gutted Local Malls: Joann Fabrics, Red Lobster, Claire’s, and More.
It’s the same story every time: Private equity marches in, a few wealthy investors buy the outfit, strip out the assets, load the company up with debt, and suck money out of it until it collapses.
Then, after thousands and thousands of workers have been laid off, after pensions get raided, and after stores close, those private equity firms walk away with their pockets stuffed with cash.
And there goes your local mall and all the stores you grew up with.
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