Apparel & Fashion
Clothing retailers and fashion brands
PE-Owned Brands
Birkenstock
Owned by L Catterton
Iconic German sandal maker acquired by L Catterton (LVMH's PE arm) in 2021. Taken public in October 2023. Consumers report declining quality — thinner cork, cheaper materials, and reduced quality control — while prices have risen significantly under PE ownership.
9 locations tracked
Charlotte Russe
Owned by Advent International
Advent's $380M acquisition failed to adapt to changing fashion retail. All 512 stores liquidated in 2019.
5 locations tracked
Gymboree
Owned by Bain Capital
Bain's $1.8B LBO loaded $1.2B in debt. Interest exceeded operating profit. Filed bankruptcy twice, liquidated all 1,280 stores. 11,000+ workers lost jobs.
4 locations tracked
Nine West Holdings
Owned by Sycamore Partners
Sycamore acquired Jones Group (parent of Nine West, Anne Klein) in 2014 for $2.2B. Immediately stripped valuable brands while leaving $1.6B debt on Nine West. Company sued Sycamore for fraudulent asset transfer.
4 locations tracked
rue21
Owned by Apax Partners
Apax's $1.1B acquisition led to three bankruptcies. From 1,200 stores at peak to liquidation.
9 locations tracked
The Limited
Owned by Sun Capital Partners
Sun Capital extracted $42M dividend via borrowed money, making 1.8x return while the company died. All 250 stores closed. Sued for fraudulent transfer.
6 locations tracked
Wet Seal
Owned by Versa Capital Management
Filed two bankruptcies. Versa Capital acquired 173 stores for $17.5M after first bankruptcy but failed to revive. All stores closed.
10 locations tracked