Deals
Private Equity Wins Even When It Loses, Thanks to Debt Markets
- Buyout shops use borrowed money to pay themselves dividends
- Many retailers struggling due to competition from internet
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The Payless shoe company was already on its way to becoming another retail victim of the internet when the private equity guys showed up.
That the firms -- Golden Gate Capital Inc. and Blum Capital Partners -- weren’t able to turn Payless around after acquiring them in 2012 isn’t so surprising. That they’ve still made out so handsomely is.