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.
If we had a strong reform minded government, our leaders could oppose these parasites, and then make examples out of those that mistreat our productive companies. Like which of these private Equity douchebags can’t be hit with a crime for something or another? Not a single one, you can get everyone with the tax evasion charges.
We need leaders that protect us from these monied parasites.