re: Joe Strikes Back - Red Lobster about to close

RL isn't falling apart b/c of increased wages.

It's the exact same shite that's destroyed a number of once great American businesses. They were bought by a private equity company.

These fricking parasites never actually give a shite about the company they buy long term. Red Lobster owned all the property their restaurants were built on. First thing Golden Gate Capitol did was immediately sell said property to pay for their purchase of Red Lobster b/c of course these dick bags never actually have the money needed to buy the company they are planning on tearing apart. Then they started slashing costs as much as possible which tanked the quality of service and food. So now all the restaurants were suddenly on the hook for lease payments and they were unable to keep their quality level high enough to keep long term customers. That can work when sales are doing well but the moment you hit a slump you're in trouble and if the new property owners decide to raise the rents (which have all shot through the roof across the country the last few years) you're fricked b/c that's when the private equity pukes will decide it's time to pull up stakes, sell everything off, and move on to the next thing they are going to ruin.

The exact same thing is about to happen to Macy's if they can't fend off likely upcoming hostile takeover attempts. Two different equity companies have already tried to buy them out this year and its a 100% guarantee if do get bought said company will sell off all their property to get an immediate return.