While the news of Red Lobster’s bankruptcy this month might have seemed out of the deep blue sea, the company’s arc tells an unfortunately familiar story. With private equity, bankruptcy is the point. The minute that private equity got involved, Red Lobster was put on a path toward extermination, where it would be sold for parts along the way—its 36,000 workers and millions of customers (us! you!) be damned.
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Lobster Tales: How Red Lobster Sank Like a…
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While the news of Red Lobster’s bankruptcy this month might have seemed out of the deep blue sea, the company’s arc tells an unfortunately familiar story. With private equity, bankruptcy is the point. The minute that private equity got involved, Red Lobster was put on a path toward extermination, where it would be sold for parts along the way—its 36,000 workers and millions of customers (us! you!) be damned.