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.

you are viewing a single comment's thread
view the rest of the comments
[–] 104 points 1 year ago (9 children)

And the same thing is happening to hospitals all over the US, which should fucking terrify you.

  • source
  • hideshow 9 child comments
  • [–] 25 points 1 year ago (6 children)

    Yeah but they have Jesus so they'll be okay.

  • source
  • parent
  • hideshow 6 child comments
  • [–] 8 points 1 year ago (5 children)

    What’s crazy is that the Catholic hospitals are becoming your best bet.

    So you’re kinda right!

  • source
  • parent
  • hideshow 5 child comments
  • [–] 20 points 1 year ago (4 children)

    Unless you want care they consider morally objectionable.

  • source
  • parent
  • hideshow 4 child comments
  • [–] 3 points 1 year ago

    Ex-wife was a sort of surgeon at the local Catholic hospital. Never heard of anyone being denied care on religious grounds. Of course they're not going to do an abortion, but that's about it.

  • source
  • parent