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.
Wasn’t it Bain Capital (Mitt Romney’s old place of work), or am I misremembering?
Yes, that was one of them.
From OP
Ah, I skimmed it and must have skipped over that
It’s cool. My intention wasn’t to call you out.