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.

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[–] 4 points 1 year ago (1 child)

Over here the few which are still open are called differently now but the logo looks similar at first because the visual trademark here expired.

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  • [–] 2 points 1 year ago

    @Carighan I'll have to check the next time I'm there----though it's possible that specific store was closed due to covid, then war. I don't remember when I was last there.

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