More like “another bankruptcy driven by outdated business model”. Leonard Green has owned them since 2010. If the idea was to strip it down, wtf took so long?
Their “business model” seemed so shitty because it was after they were obtained by private equity who loaded up the business with debt and stripped them down to bare bones to look better on paper and do an IPO (2021).
This is textbook private equity vulture capitalism. They even gave the CEO a half million dollar bonus the day before they filed for bankruptcy 😂
Another bankruptcy driven by private equity.
More like “another bankruptcy driven by outdated business model”. Leonard Green has owned them since 2010. If the idea was to strip it down, wtf took so long?
Their “business model” seemed so shitty because it was after they were obtained by private equity who loaded up the business with debt and stripped them down to bare bones to look better on paper and do an IPO (2021).
This is textbook private equity vulture capitalism. They even gave the CEO a half million dollar bonus the day before they filed for bankruptcy 😂