I wish you would report more on private equity, Matt. Most Americans are in the dark about the topic. As I said in an earlier post, I worked for a company that was slowly destroyed by two PE firms. The company's employees didn't understand what was going on because we didn't know anything the nature of the PE beast and weren't even aware…
I wish you would report more on private equity, Matt. Most Americans are in the dark about the topic. As I said in an earlier post, I worked for a company that was slowly destroyed by two PE firms. The company's employees didn't understand what was going on because we didn't know anything the nature of the PE beast and weren't even aware we were owned by the two of these firms. Not once were we introduced to any of the people at these firms.
As far as I know, the company, which had existed for something like 80 years, was doing very well at the time of purchase. It was our parent corporation that had gotten into financial trouble over some bad real estate deals, which prompted the sale of the company to the two PE firms. Almost immediately, the two firms sold off the company's office building and the surrounding property, then sold half the company to another business, and moved those who of us remained to new, cramped quarters in an office building located in a city 100 miles away. Most of the employees couldn't move or manage the commute to the new digs, so there was an 80 percent turnover in the staff the summer of the move. What followed then was 15 years of continual layoffs and cuts to the services we offered with no investments in innovation or new products to the point where the company was a shadow of its former self. In the end, its assets were sold for peanuts to our main competitor. A few of the employees were hired by the competitor, but most were let go.
I wish you would report more on private equity, Matt. Most Americans are in the dark about the topic. As I said in an earlier post, I worked for a company that was slowly destroyed by two PE firms. The company's employees didn't understand what was going on because we didn't know anything the nature of the PE beast and weren't even aware we were owned by the two of these firms. Not once were we introduced to any of the people at these firms.
The demand for the services or products went away ?
As far as I know, the company, which had existed for something like 80 years, was doing very well at the time of purchase. It was our parent corporation that had gotten into financial trouble over some bad real estate deals, which prompted the sale of the company to the two PE firms. Almost immediately, the two firms sold off the company's office building and the surrounding property, then sold half the company to another business, and moved those who of us remained to new, cramped quarters in an office building located in a city 100 miles away. Most of the employees couldn't move or manage the commute to the new digs, so there was an 80 percent turnover in the staff the summer of the move. What followed then was 15 years of continual layoffs and cuts to the services we offered with no investments in innovation or new products to the point where the company was a shadow of its former self. In the end, its assets were sold for peanuts to our main competitor. A few of the employees were hired by the competitor, but most were let go.
Did the demand for the services or products go away or were they assumed by another company?
The jobs were not lost, people lost their jobs.
The net is no jobs were lost.
So this article is crap.