Those are the guys who take over struggling companies and, instead of revitalizing them, pump two rounds into the company's head and sell off the parts.
Or they sell off the parts and then kill the company. All so they can make a fast buck and fuck the employees and the places where the stores were.
The most recent casualty is K-Mart.
Don't worry, Wal-Mart. Some day, they will come for you, too.
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4 comments:
I worked at a K-Mart for a while, almost 40 years ago. While they were more plentiful, they were in no way modern even then. Every year I'm surprised they still exist. Wal-Mart beat them at the game they half stole from Sears, with each generation of board members managing to bungle it up even more. K-Mart was a victim of its own failure to innovate. Blame the vultures if you want, but they never try to attack the herd alphas, do they? Only the lame, sick ones--which describes K-Mart perfectly.
I'm amazed there's any more money to be squeezed out of it.
One of our few local grocery chain stores was just bought out by a "finance company". Too bad really. They had the best of the fruit and seafood in town. Their employees aren't thrilled either. I'll keep buying there until it reaches the level of the other stores, then it's adios.
This is not progress.
w3ski
It's actually a big win for Eddie Lampert. While siphoning off cash and leaving the stores to die, I understand that he moved much or all of the real estate a company owned to another company in his control. I'll bet that will be most profitable. Word is that the properties are currently worth about a half-billion dollars. Yay capitalism!
There’s a fine line between capitalism and thievery. Almost invisible, in practice.
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