> Private equity is no longer doing its job, to the extent if ever had one. Private equity's job is to take a slowly failing company, extract the value, and tu

> Private equity is no longer doing its job, to the extent if ever had one. Private equity's job is to take a slowly failing company, extract the value, and turn it into a suddenly failed company. See department stores in the 90s, Circuit City, ToysRUs and restaurant chains more recently. This is a win for the former owners who get cash for their business and can blame the failure on PE, rather than admit it was on a path to fail slowly. This is a win for PE, because they can often extract enough value to make a good profit. It's a win for Spirit stores, because they get great locations like the old Circuit City that still has those maroon tiles up in 2024 and the old ToysRUs that still has the R up. When a sector of business is being bought by PE left and right, it's a sign of unhealthy businesses and the owners want out.