The simple fact that you never ever heard about something like that, tells you all you need to know aboit the long term prospect of business owned by "the collective". In my part of the world we have a saying " what fattens the cows is the owner's gaze". A company that belongs to everyone working there belongs to no one, and it will eventually become a freeloader's dream. I have heard of one or two examples of this things being tried, one even a restaurant close tomy home town. It never lasts.
Mondragon Corporation is the poster child for worker-owned cooperatives and has been both successful and robust for decades. I believe it was Ford and GM, no doubt others, were studying their model at some point. But convincing stakeholders - including lenders - to divest interest in a company after a set period is, from my understanding, why the model has such a hard time in the US.
