Retail & Consumer

Owned by Ares Management

Ares Management and Canada Pension Plan Investment Board acquired 99 Cents Only in 2011 for $1.6B via leveraged buyout. After years of declining performance, Ares concluded liquidation would maximize returns. Filed Chapter 11 in April 2024 and closed all 371 stores by June 2024. Locations sold primarily to Dollar Tree.

Owned by Sycamore Partners

Southern department store chain acquired by Sycamore Partners. Filed for bankruptcy in 2021 under PE debt burden

Hong Kong PE firm Sailing Capital and Chinese conglomerate Sanpower bought Brookstone out of its first bankruptcy for about $173 million in 2014. A second Chapter 11 in August 2018 closed all 101 mall stores, but airport stores and the website kept operating throughout.

Owned by Bain Capital

Bain Capital acquired Burlington Coat Factory for $2.06B in 2006, taking it private. The company filed for IPO in 2013 as Burlington Stores. Known for aggressive debt load post-acquisition.

Owned by Apollo Global Management

Teen jewelry and accessories retailer that filed for bankruptcy in 2018 under Apollo-imposed debt. Restructured under Elliott Management

Bridal retail chain that filed for bankruptcy twice under PE debt. Emerged from Chapter 11 with reduced footprint of 300+ stores

Owned by Bain Capital

Bain Capital acquired Dollarama (Canada's largest dollar store chain) from founder Larry Rossy in 2004 for roughly CAD $1B. Took public on TSX in 2009. One of Bain's high-profile Canadian investments.

Owned by Warburg Pincus

Warburg Pincus took Duane Reade, New York City's largest drugstore chain, private for $720M in 2004. Sold to Walgreens for $1.075B in 2010. During Warburg ownership, Duane Reade expanded aggressively while staff reported labor concerns.

Hedge fund Alden Global Capital took a significant stake in the Memphis-based dollar-store and pharmacy chain in 2017, and Alden president Heath Freeman became chairman. Fred's filed Chapter 11 on September 9, 2019, and closed all stores by October 30, 2019.

Owned by Sycamore Partners

Pop culture and music-inspired retail chain owned by Sycamore Partners with 675+ stores

Owned by Cornell Capital

Cornell Capital merged the wildly popular Instant Pot with Corelle Brands (Pyrex, CorningWare, Corelle) and loaded debt onto the combined company. Despite Instant Pot being a cultural phenomenon, the debt burden was unsustainable. Filed Chapter 11 in June 2023 with ~$500M in debt.

Owned by TPG Capital

Fashion retailer taken private by TPG Capital and Leonard Green & Partners in 2011 for $3B. Filed for bankruptcy in 2020 after $1.7B debt burden. PE owners extracted $765M in fees and dividends

Owned by Leonard Green & Partners

Leonard Green's $1.6B leveraged buyout in 2011 loaded Joann with debt it could never repay. Filed bankruptcy in March 2024, emerged briefly, then filed again in January 2025 and liquidated all 800+ stores. ~19,000 employees lost their jobs.

Owned by Apollo Global Management

Apollo Management took the home-goods retailer private for $1.3 billion in 2006. Linens 'n Things filed Chapter 11 in May 2008 and liquidated all 571 stores by year end.

Largest mattress retailer. Acquired by Steinhoff International for $3.8B in 2016, filed for bankruptcy in 2018 closing 700 stores after aggressive over-expansion

Owned by Apollo Global Management

Arts and crafts retail chain taken private by Apollo Global Management with 1,250+ stores

Owned by Gryphon Investors

Mass-market color cosmetics brand sold through major drug and retail chains. Gryphon Investors acquired Milani in 2018.

Luxury retailer acquired by Ares Management and CPPIB in 2013 for $6.2B LBO. Saddled with $4.9B in debt, filed for bankruptcy in 2020. PE owners also controversially transferred MyTheresa assets

Owned by Thomas H. Lee Partners

Thomas H. Lee Partners loaded Party City with debt from a 2012 leveraged buyout, preventing critical technology investments needed to compete online. Filed its second Chapter 11 in December 2024 and liquidated all ~700 U.S. stores. All administrative staff laid off upon filing.

Shoe retailer bankrupted twice under PE ownership (Blum Capital, Golden Gate Capital). Closed 2,500+ stores

Owned by CVC Capital Partners

Pet retail and services chain with 1,500+ locations, taken private and public multiple times by PE firms including TPG, Leonard Green, and CVC

Owned by Apollo Global Management

Largest specialty pet retailer. Apollo-led consortium took private for $8.7B in 2015

Owned by Gryphon Investors

Medical-grade skincare brand sold through physician and aesthetic channels. A current Gryphon Investors portfolio company.

Owned by ESL Investments

Once America's largest retailer, stripped by Eddie Lampert's ESL Investments. Sold off Craftsman, Lands' End, DieHard brands while stores deteriorated. From 3,500 stores to ~5. Over 250,000 jobs lost.

Owned by Sycamore Partners

Office supply retailer taken private by Sycamore Partners in 2017 for $6.9B

Owned by Sycamore Partners

Women's clothing retailer owned by Sycamore Partners with 400+ locations

Owned by KKR (Kohlberg Kravis Roberts)

Madison Dearborn Partners bought the personalized-gifts retailer for $295 million in 2012; a lender group including KKR took ownership via a 2016 debt-for-equity swap. Things Remembered filed Chapter 11 in February 2019 and was sold to an Enesco/Balmoral Funds unit that kept it operating.

Owned by Sycamore Partners

Plus-size fashion retailer spun off from Hot Topic under Sycamore ownership with 600+ stores

Owned by Bain Capital

Iconic toy retailer destroyed by $6.6B LBO from Bain Capital, KKR, and Vornado. PE firms extracted $464M in fees while loading $5.2B in debt. 33,000 U.S. workers lost jobs when all stores liquidated in 2018.

Off-price home-goods retailer that took a $35 million investment from distressed-brand acquirer Retail Ecommerce Ventures in September 2022, then filed Chapter 11 again in February 2023 and closed all 487 stores by mid-2023.

Vitamin and supplement retailer bought from NBTY by private equity firm Centre Lane Partners in February 2016 for $25 million; filed Chapter 11 in September 2017 after supply-chain disruption, and was sold as a going concern to Feihe International in January 2018.

Owned by Sycamore Partners

Pharmacy and retail chain acquired by Sycamore Partners in 2025 for ~$23.7B in the largest retail PE buyout