Not scientific, but I've noticed that there seems to be a trend with private equity. They take over a usually profitable company, generally at a premium, then they replace all the products with cheap crap, cut service to the bone, then milk the profits for about 3 years until the customers wise up.
Then they announce some sort of faux investment/restructuring and a year later, everyone's laid off and the company is in bankruptcy or sold for pennies on the dollar - a husk of what it once was.
Not scientific, but I've noticed that there seems to be a trend with private equity. They take over a usually profitable company, generally at a premium, then they replace all the products with cheap crap, cut service to the bone, then milk the profits for about 3 years until the customers wise up.
Then they announce some sort of faux investment/restructuring and a year later, everyone's laid off and the company is in bankruptcy or sold for pennies on the dollar - a husk of what it once was.
That is just what happened with LL Flooring. It was "saved" by another private equity firm. That happened to Rite Aid recently too.