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This is kind of sad. It was /is a functioning profitable public company with employees. A PE firm decides to take a huge loan to buy it, and now the company is
by creativeSlumber 2y ago
This is kind of sad. It was /is a functioning profitable public company with employees. A PE firm decides to take a huge loan to buy it, and now the company is gone. All those people lost their jobs. A huge net negative on the world and society because of greedy PE.
- lucretian 2y agothe company isn't gone. vista is likely getting wiped out and the lenders will own the business.
- pseudosavant 2y agoMore than half the employees have been let go in round after round of layoffs for 6 quarters straight.
- rtpg 2y agoLeveraged buyouts just feel like something that should be plainly illegal. I know a bunch of wonks here will trip over themselves to try and justify it, but given how much of these kinds of transactions are basically "the directors just decide to empty the coffers"... at least tax it in a way that makes sense or something!