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.
10 locations tracked
Burlington Coat Factory (Canada)
Owned by Bain Capital
Canadian arm of the Bain Capital-acquired Burlington Coat Factory business.
0 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.
4 locations tracked
Dr. Martens
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.
0 locations tracked
Forever 21
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.
9 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.
8 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.
8 locations tracked
rue21
Owned by Apax Partners
Apax's $1.1B acquisition led to three bankruptcies. From 1,200 stores at peak to liquidation.
10 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.
10 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.
4 locations tracked