> The author mentions red lobster but that wasn't PE that ran them into the ground it was a fishing company that bought them from PE.
No, it wasn't PE that ran them into the ground. But PE didn't buy Red Lobster to even attempt to salvage the business. It was far more akin to "how much can we bleed out of this before it dies".
This doesn't seem to match up with the timeline. From wikipedia:
> Golden Gate Capital was Red Lobster's parent company after it was acquired from Darden Restaurants on July 28, 2014.[7] Seafood supplier Thai Union acquired a 25 percent stake in the company in 2016 for a reported $575 million, and in 2020 purchased the remaining portion from GGC.[8]
>In 2024, Red Lobster closed many of its restaurants[9] and then filed for Chapter 11 bankruptcy protection [...]
4 years is quite a bit of time before they actually went bankrupt, and that's not including the 4 extra years before that when they sold a 25% stake. Pinning the bankruptcy on the PE firm makes little sense here.
No, it wasn't PE that ran them into the ground. But PE didn't buy Red Lobster to even attempt to salvage the business. It was far more akin to "how much can we bleed out of this before it dies".