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LuvLoogie

(7,581 posts)

7. Private Equity are the skimmers and takers. The bloodsuckers feeding off of human enterprise.

Reply to BlueWaveNeverEnd (Original post)

Fri Dec 20, 2024, 11:28 PM

Friday

https://nypost.com/2023/01/25/party-citys-founder-blames-bankruptcy-on-private-equity-firms/

--Steve Mandell, who launched the chain in 1986 with a single store in East Hanover, NJ, pinned the retailer’s implosion on a lack of bargains and variety at its stores — a problem he claims was created when private equity executives locked it into a large supply deal with a manufacturer they already owned for roughly 80% of its supply.

“They [new owners] took out the top two things that made this company very special,” Mandell told The Post in an exclusive interview. “First, we were the discount party superstore. Today, it is not a discount store. The prices are top dollar.”--

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BlueWaveNeverEnd LeftInTX SheltieLover SunSeeker barbaraann

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Highlight:

wow. All Party City stores shut . ending pay and benefits immediately (corp employees, right before Christmas. HARSH!! [View all] BlueWaveNeverEnd Friday OP

Rat bastards....nt wcmagumba Friday #1

sure, the CEO Litman made 2.8 million in 2023, best interests of the company? another asshole CEO Shellback Squid Friday #2

That's what... 2naSalit Friday #3

""That is without question the most difficult message that I've ever had to deliver," Litwin said raccoon Yesterday #11

Was this a many times leveraged private equity buy/sell Klarkashton Friday #4

Searsed and Kmarted to death after being raped of its assets ?. magicarpet Friday #5

All the more reason why we need a Universal Basic Income in the US. n/t area51 Friday #6

Private Equity are the skimmers and takers. The bloodsuckers feeding off of human enterprise. LuvLoogie Friday #7

It failed under his watch too MichMan Friday #8

My husband worked for them for a couple of years MANative Yesterday #9

Is this a shock! I haven't been on a Party City store in 30 years. 33taw Yesterday #10

Republicon-style management screws the workers BoRaGard Yesterday #12

It's not 1999 anymore. JanMichael Yesterday #13