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.
Also pensions, airlines, and restaurants.
And fucking hospitals
Major reason why the only move is not to play in this economy.
If you’re not breaking the law or screwing someone else over, you’re the one getting fucked.