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Walmart had already ruined ASDA to be fair, it's not like private equity is doing worse.
by lmm 4mo ago
Walmart had already ruined ASDA to be fair, it's not like private equity is doing worse.
- rwmj 4mo agoThe fifth largest (Morrisons) was also sold to PE with predictable results. https://en.wikipedia.org/wiki/Morrisons#CD&R_takeover https://en.wikipedia.org/wiki/Morrisons#CD&R_takeover
- stuaxo 4mo agoWe need a private equity tracker so we can get alerts on these and track the debt loading and looting.
- eterm 4mo agoIn really grinds my gears that the buying companies take out the debt to take over against the companies themselves. So many well-known UK companies have been sunk by debt interest on loans taken out to acquire said companies. By all means use the companies to secure loans, but the liability should be on the books of the parent companies not the companies being acquired! There have even been cases where the companies have been effectively asset-stripped by "sell and lease back" of property, leaving the companies a shell of their former selves with no meaningful assets, so as soon as there are any unexpected headwinds they collapse.
- rwmj 4mo agoIt should simply be illegal.
- inigyou 4mo agoIt's the bank's problem. The bank is supposed to determine whether it's likely to be repaid in full, and if not, don't issue the loan which blocks the sale.
- kevin_thibedeau 4mo agoA bank shouldn't be recognizing collateral that the buyer doesn't own.
- illwrks 4mo agoWas Morrisons ever any good?
- rwmj 4mo agoTheir fish & meat counters are much better than the other supermarkets. Better selection and much fresher.
- illwrks 4mo agoI never knew that! I'll try one out next time I'm passing.
- GJim 4mo agoPretty damn good; not least because each store (aside from the smallest) has their own on-site butcher and fishmonger. Not to mention a decent deli.
- illwrks 4mo agoThanks for the recommendation, I'll pop by one over the coming weeks.