Apparel & Fashion

Los Angeles apparel maker taken over by a hedge-fund lender group (Monarch Alternative Capital, Goldman Sachs Asset Management, Coliseum Capital Partners) holding about 90% of equity after its January 2016 bankruptcy reorganization; filed again in November 2016 and closed its factory and stores.

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.

Owned by Bain Capital

Canadian arm of the Bain Capital-acquired Burlington Coat Factory business.

Owned by Advent International

Advent's $380M acquisition failed to adapt to changing fashion retail. All 512 stores liquidated in 2019.

Private equity firm Hancock Park Capital backed Charming Charlie through SEC-registered equity offerings beginning in 2013. The jewelry and accessories chain filed Chapter 11 twice, in 2017 and 2019, closing all stores for good by August 31, 2019.

Owned by Permira

Permira acquired Dr. Martens for £300M in 2014. IPO'd on the London Stock Exchange in 2021 at £3.7B valuation. Post-IPO performance was poor — the stock dropped 90% by 2024 amid supply chain problems, US distribution issues, and questions about Permira's pre-IPO optimization.

Owned by CVC Capital Partners

Authentic Brands Group (backed by CVC Capital Partners, HPS Investment Partners, and Leonard Green & Partners) acquired Forever 21 out of its first bankruptcy in 2020. Despite the rescue, ABG's asset-extraction model couldn't overcome the $1.5B debt load. Filed second Chapter 11 in March 2025; all 355 U.S. stores closed by May 2025. ~27,000 employees affected.

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.

Owned by Gryphon Investors

Work and safety glove brand serving automotive, industrial, and consumer markets. Gryphon Investors acquired Mechanix Wear in 2021.

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.

Owned by Apax Partners

Apax's $1.1B acquisition led to three bankruptcies. From 1,200 stores at peak to liquidation.

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.

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.