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Another bankruptcy driven by private equity.
More like "another bankruptcy driven by outdated business model". Leonard Green has owned them since 2010. If the idea was to strip it down, wtf took so long?
Their "business model" seemed so shitty because it was after they were obtained by private equity who loaded up the business with debt and stripped them down to bare bones to look better on paper and do an IPO (2021).
This is textbook private equity vulture capitalism. They even gave the CEO a half million dollar bonus the day before they filed for bankruptcy 😂
Their "business model" is so shitty because the Internet exists. There's not really a market for specialty brick and mortar stores anymore. Theyre in a weird grey area between boutique and Walmart and have none of the advantages of either.
I spoke to some crafters this morning after your comment and they strongly disagreed. They said that crafters that use fabric like cosplayers, quilters, sewers, and knitters use in-person retail for crafting supplies because ordering online is a gamble on quality and feel and online retailers don't do returns because fabric is cut to order.
These people must be making a hell of a lot of costumes if they're buying enough supplies to keep a nationwide chain of stores afloat