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The recent discussion about Red Lobster (link) focused on analyzing how the $20 all you can eat shrimp bankrupted the company because it was too good of a deal and analyzing the declining social trust to keep it afloat.
Everyone in the comments has fun linking this to their favorite hobbyhorses. Here's mine talking about a cool idea for a legal system I was thinking about.
Great story everyone. But one question, is this actually true?
Some Xsocial users are linking the company's demise to private equity:
Quote https://x.com/windcomecalling/status/1790889866844422528
Hmm.
Quote https://x.com/edzitron/status/1790493687572754654
Seems like the private equity group is deliberately running the company into the ground, and using the unlimited deal as a cover story. Another case of corporate greed destroying a profitable company and generally being evil.
Great story. But one question, is this actually true?
This analysis is another interesting angle on it, quote https://x.com/cunha_tristan/status/1791807133886861317
The land was more valuable than the company. Private equity bought the company to sell the land to someone who could make more money with it.
This is.... Georgism???
Great story. But one question, is this actually true?
I honestly don't know.
Here's a 2015 article showing Golden Gate Capital made the transaction the last tweet is talking about:
The narrative seems plausible and would be an interesting twist. But perhaps it's too good of a story.
Does anyone have more source/knowledge of this kind of corporate dealing? Is private equity delivering the Georgist promise?
Good summary of the competing narratives.
My take... What's with all the talking points about how it's somehow evil to buy a company and then sell it for parts? Why shouldn't an owner be able to buy a failing restaurant, sell the real estate, and then let the restaurant fail? Or more, accurately, if I buy something I should be able to do what I want with it.
Is Red Lobster such a valuable institution that owners must be forced to prop it up with infusions of capital? You know, for the good of society.
We need more zombie corporations going under, and less hand-wringing when they do. Failing companies failing is the engine of creative destruction, and therefore growth.
Sounds fine, until your area loses its hospital because PE came in and did something similar (it's a growing problem in healthcare). Lots of organizations you wouldn't want to lose are sitting on valuable real estate and operating with razor thin margins or other similar sins.
Sure, hospitals are different. As always there are specific exceptions to general principles.
There is no need, however, to protect a failing Red Lobster as a cultural institution.
Is it? Maybe hospitals suck. I wonder if you really need a maternity war combined with a cancer war combined with an ER.
Maybe splitting some of these up into smaller offices would better in the long run.
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