Basically, the company had to pay for its own buyout when private equity firms KKL, Vornado, and Bain bought the company for $6.6 billion, mostly with loans.
Because the company then had to pay off those extreme loans, they were forced to sell off their assets and property, which they leased back from the very private equity firms that now owned them.
The same thing happened more recently with Red Lobster and JoAnn Fabrics.
I’m not sure honestly, I know venture capitalists buy companies usually with the intention of expanding or helping grow, but lately it seems like they pass around their debt, force them to bankrupt, liquidate and kill it.
I think you’re looking for the term vulture capitalism.
Venture capitalism is about creating a monopoly by operating at a massive loss until you can jack up prices without competition