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in reply to Jen Sorensen

Also: these four panels are FAR more clear about this topic than *ANY* of the many articles I have read about this. Excellent work.
in reply to Jen Sorensen

and the people who made the money never ate there anyway.... So the closure doesn't affect them, but on the plus side for them is they made a lot of dosh

Capitalism at its finest

in reply to Jen Sorensen

Great comic. Private equity firms are indeed awful & predictable. Every customer I've had that's been PE-funded has had some colossally shitty directives aimed at them, all for short term financials:
1. Audit customers, pull in short term revenue & burn down futures & relationships
2. Kill growth projects, close depts & reduce ops costs
3. Eliminate open headcount & layoff staff down to the bare bones to keep the lights on
4. Sell off business in 1yr with "shiny, new financials"
in reply to Jen Sorensen

Didn't that private equity firm also hold stake in the businesses that Red Lobster had to buy the shrimp from or something like that?
in reply to Abyssal Rook

@AbyssalRook The private equity firm sold Red Lobster off to a seafood supplier in 2020, who then monopolized the shrimp sales to the restaurant.
Unknown parent

Jen Sorensen
@PandaChronicle Yep, the sale-leaseback scheme is happening with hospitals too.
Unknown parent

Jen Sorensen
@peltast After they sold off the real estate assets, the PE firm sold the company to the shrimp supplier, which was a whole 'nother disaster
Unknown parent

Jen Sorensen
@eldubuu I'm not normally one to defend chain restaurants, but a lot of people lost their jobs with little to no notice, and this transferred even more wealth to the already wealthy.
in reply to Jen Sorensen

Public companies also sell and lease back land. The real problem is wealth preferring to just own land at any price even if its an empty building. Because scarcity will push prices higher.

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