Private equity firms have gutted some of America’s biggest retail chains & walked away scot-free while workers lost everything. That’s why my bill to #StopWallStreetLooting would protect workers & fundamentally change the private equity industry.https://www.washingtonpost.com/business/2019/07/24/private-equitys-role-retail-has-decimated-million-jobs-study-says/ …
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I'm not a big fan of private equity (PE), but it's not the root cause here. PE has done deals in hundreds of industries. It's only in retail where PE-backed firms are failing in droves. Therefore, we can say that private equity probably is not the main problem.
The root cause is Amazon. Amazon put plenty of non-PE backed retail companies out of business as well. We shouldn't have an issue with Amazon disrupting sclerotic old retail companies, notwithstanding the job loss.
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While this Washington Post, owned by Amazon's largest shareholder, article is an incorrect explanation of retail job loss that blames PE and not Amazon, it does not matter. The real problem with Amazon is its price raising business practices:https://medium.com/swlh/amazon-needs-a-competitor-and-walmart-aint-it-5997977b77b2 …
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