2 ms·
If that's true, I wonder why the article doesn't make this clear. All it says is the company has a half-billion in debt, without any explanation for how that ca
by coldpie 3y ago
If that's true, I wonder why the article doesn't make this clear. All it says is the company has a half-billion in debt, without any explanation for how that came about. It doesn't even mention that the company is owned by a PE looter.
Quotes from the article:
> In 2019, his company merged with Illinois-based Corelle Brands, the owner of Pyrex, CorningWare, SnapWare and Corelle.
> In 2021, at the height of its popularity, the company borrowed $450 million US worth of bonds, due in 2028, to expand its business.
Is Corelle the PE firm? Is "expand its business" the standard figleaf PE firms use when looting a business?
- CPLX 3y agoFor some unknown reason this all still happens right out in the open without a major media narrative built around it. A few activists and lawmakers have tried but it's still not in the public consciousness. But it's constant and blatant and somehow seems to still be legal. The PE firm here is Cornell Capital.
- anigbrowl 3y agoThe business press is in on it. I don't mean in the sense that they get financial kickbacks, but business reporting is a cushy job where 90% of the work is rewriting press releases and boilerplate 'analysis' of stock movements.