Private equity: Because being good at business is too hard www.npr.org/2025/02/25/n... - ThreadSky

criminalerin.bsky.social • 1 day ago

Private equity: Because being good at business is too hard

https://www.npr.org/2025/02/25/nx-s1-5307907/joann-closing-stores-bankruptcy

Comments

greenakers.bsky.social•1 day ago

Ahh shit man, we leveraged the shit out of this business and cut every possible corner and now it doesn't run good no more?? Guess we gotta hock it for parts

rutemple.bsky.social•23 hours ago

Another good business driven to death by Private Equity slash and burn.

mommyisaperson.bsky.social•1 day ago

Damn it Jo-Ann's really was the best craft store too.

crankypacifist.bsky.social•1 day ago

Why be good at business when you can buy up good businesses, use them as leverage for debts you're never going to repay, destroy them, scrap them for parts, and pawn off whatever's left over?

my2bits4u.bsky.social•18 hours ago

I do bunches of upholstery at times but I've got racks of fabric so I'll be no help to them unloading their excess bolts . I've used them on a few occasions.

wildcosima.bsky.social•1 day ago

Private equity is rotten. I worked for a PE company and there's a reason the investors are secret. Lots of foreign governments investing and pulling lots of cash out.

criminalerin.bsky.social•1 day ago

My landlord is private equity like 5 whole states away lol it sucks so bad to live in an investment vehicle instead of a home

wildcosima.bsky.social•1 day ago

Yep so many rentals are owned by PE now too and they don't care about the experience of people living there.

johnpmurphy.bsky.social•1 day ago

I worked for a company owned by PE, and to some extent they just didn’t care about being good at business. It was irrelevant. They cared about delivering a particular return, by any means, and the rest was gravy. So profits or fire sale, they didn’t care.

dingokayfabe.bsky.social•1 day ago

Yeah literally pulling the copper out of the walls of what was previously a perfectly habitable building

kragsurtur.bsky.social•1 day ago

Private equity is a cancer.

doggorangler.bsky.social•1 day ago

In my small town, JoAnns has been a cornerstone for the sewing & crafting community. Now it’s either drive 50 miles to Michael’s (no way going to Hobby Lobby) or try Walmart.

Damn.

chelseanh.bsky.social•21 hours ago

"Over the 25 years when Bill Gates was growing Microsoft from zero to the most successful company in planetary history, Bettencourt made more money than Gates. Gates made his money by doing something. Bettencourt made her money by emerging from a very lucky orifice and just hanging around."

chelseanh.bsky.social•21 hours ago

"But here's the kicker: after Bill Gates quit Microsoft, he became a professional investor. He stopped doing a job and started investing in companies where other people were working."

chelseanh.bsky.social•21 hours ago

"Over the next 13 years, Bill Gates (investor) made more money than Bill Gates (Microsoft CEO) made in his 25 years of doing a job. He also made more than Liliane Bettencourt."

https://pluralistic.net/2025/02/18/pikettys-productivity/#reaganomics-revenge

mrdiggity.bsky.social•1 day ago

Sons everywhere wondering what to buy mom for Mother’s Day

stealthisbook.bsky.social•1 day ago

Noticing that this also takes out Ditto Patterns, Weaveup print on demand fabric, and Creativebug online craft classes since they were all owned by Joann

amyreg.bsky.social•18 hours ago

🙃🙃😭😭

stealthisbook.bsky.social•1 day ago

Killing such a big fabric buyer is going to fuck supply chains. How many of the few remaining domestic textile mills are going to be able to handle that? How easy is it going to be to get 30 yards of muslin or a bolt of taffeta when it has to be individually imported?

kategodart.bsky.social•1 day ago

i know this is fucking with me, i sew stuff and joanns was the only place i could actually find multiple colors of fleece. they killed off hancock and mill end only to curl up bloated to die

pretty popular way to kill off businesses the last couple decades

kategodart.bsky.social•1 day ago

there are two S.R. Harris fabric outlets in the twin cities that i'm sure are going to see a 1000% boost in sales pretty soon

criminalerin.bsky.social•1 day ago

THE WHOLE THING REEKS OF FASCIST OUTCOMES

zeroisanumber.bsky.social•1 day ago

gf is taking the opportunity to buy so much yarn

criminalerin.bsky.social•1 day ago

Evergreen fiber artist post

zeroisanumber.bsky.social•1 day ago

She's really good at crocheting. She makes her own clothes.

zugernat.bsky.social•1 day ago

"Business success" is the biggest scam of them all. Repeat success is less likely than repeat head coaching success. Usually it's just an accident, or strategy that worked for one particular company.

danflanery.bsky.social•1 day ago

A corporate credit theft ring.

criminalerin.bsky.social•1 day ago

15 is a fabric artist who has been on tenterhooks for the last 18 months about Joann finally going under lol we were there ~2 weeks ago after the limited store closings elsewhere were announced but looking around it was very clear that even the not closing stores were not long for this world lol

jesseltaylor.bsky.social•1 day ago

We were just in a fully functional Joann two weeks ago, and it looked like it was in the process of closing even then

criminalerin.bsky.social•1 day ago

No for real the vibes were very doomed

criminalerin.bsky.social•1 day ago

It's funny bc when he thought Joann was going under perviously he was happy, bc liquidation sale, but now that it's final he is sad bc Michael's is way out the way & Hobby Lobby is absolutely not an option and it's like 😢 I'm sorry making art is consumerism 😢 I'm sorry your shopping store got killed

imdmingyour.mom•1 day ago

same with my kids. they both love crafting with supplies from Joann’s which is right down the street from us. I think the closest Michael’s is the next town to the south of us. private equity showing how efficient and useful they are yet again

erinsopran.bsky.social•1 day ago

Just had a "duh" realization that of course all the private equity guys are also invested in our having to drive out of our way/order online

criminalerin.bsky.social•1 day ago

You'd think with how much I hate capitalism that I'd love private equity for literally just destroying businesses except for how I actually think it would be better to make functioning businesses public goods owned by the workers, which is the exact opposite of private equity & leveraged buyouts

criminalerin.bsky.social•1 day ago

Every time we go to Joann it's like oh wow there really ARE a lot of queer and trans people in Ft Wayne and they are all here right now lol

nearzone.bsky.social•1 day ago

I'm lucky cause Michael's is close to me (used to do a bit of bead stuff) but it's wild cause the Joann near me moved to a big new location like two years ago and now they're done, awful

criminalerin.bsky.social•1 day ago

I'd buy him a sheep so he could make his own yarn but our landlord, Mr Soundview Equity LLC based in New York state, would probably say "no, it's not safe, what if your sheep ate all the trash everywhere all the time"

https://bsky.app/profile/criminalerin.bsky.social/post/3lh5iuviins2t

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