But aren't they still supposed to fix the operations before they IPO, or at least enough to convince investors it's a good buy? We're not talking about compani

But aren't they still supposed to fix the operations before they IPO, or at least enough to convince investors it's a good buy? We're not talking about companies that hope to stay private for the foreseeable future - these are companies that are trying (and failing) to IPO or very recently had unsuccessful IPOs. A brand is only so useful if it's attached to a money fire.