Private Equity Firm bought Joann’s and sucked it dry for their profit.
The same scam that killed J. Crew, Sears, Toys R Us and Kmart.
Is this really what our country is about ? Rich assholes take out a loan against the company they want to buy, to buy it. (How is that legal ?!!) Steal all the profits from the company for years, starving it to death. Then declare bankruptcy on the loan they took out to buy the company in the first place, leaving the company they “bought” bankrupt.
No consequences for the Equity Firm. Not them. Just 19,000 employees out of work and millions of shares rendered worthless. The Equity Firm walks away with hundreds of millions, to go do it again to someone else.
🇺🇸
Musk is mimicking this strategy against the U.S. government, and it looks like it’s working.
amhrancas 