Retail & Consumer
Retail chains and consumer services acquired by PE
What PE Ownership Means for This Industry
1.3 million retail jobs lost
PE leveraged buyouts have destroyed iconic American retailers
From Toys "R" Us to Payless to Sears, PE firms have loaded retailers with debt, extracted dividends, and left workers and communities devastated. An estimated 1.3 million retail jobs were lost to PE-driven bankruptcies.
Source: Americans for Financial Reform, 2019
PE-Owned Brands
Belk
Owned by Sycamore Partners
Southern department store chain acquired by Sycamore Partners. Filed for bankruptcy in 2021 under PE debt burden
5 locations tracked
Claire's
Owned by Apollo Global Management
Teen jewelry and accessories retailer that filed for bankruptcy in 2018 under Apollo-imposed debt. Restructured under Elliott Management
5 locations tracked
David's Bridal
Bridal retail chain that filed for bankruptcy twice under PE debt. Emerged from Chapter 11 with reduced footprint of 300+ stores
8 locations tracked
Hot Topic
Owned by Sycamore Partners
Pop culture and music-inspired retail chain owned by Sycamore Partners with 675+ stores
6 locations tracked
Instant Brands (Instant Pot / Pyrex)
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.
5 locations tracked
J.Crew
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
8 locations tracked
Joann Fabrics
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.
9 locations tracked
Mattress Firm
Largest mattress retailer. Acquired by Steinhoff International for $3.8B in 2016, filed for bankruptcy in 2018 closing 700 stores after aggressive over-expansion
6 locations tracked
Michaels
Owned by Apollo Global Management
Arts and crafts retail chain taken private by Apollo Global Management with 1,250+ stores
8 locations tracked
Neiman Marcus
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
10 locations tracked
Payless ShoeSource
Shoe retailer bankrupted twice under PE ownership (Blum Capital, Golden Gate Capital). Closed 2,500+ stores
7 locations tracked
Petco
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
10 locations tracked
PetSmart
Owned by Apollo Global Management
Largest specialty pet retailer. Apollo-led consortium took private for $8.7B in 2015
10 locations tracked
Sears / Kmart
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.
7 locations tracked
Staples
Owned by Sycamore Partners
Office supply retailer taken private by Sycamore Partners in 2017 for $6.9B
5 locations tracked
Talbots
Owned by Sycamore Partners
Women's clothing retailer owned by Sycamore Partners with 400+ locations
5 locations tracked
Torrid
Owned by Sycamore Partners
Plus-size fashion retailer spun off from Hot Topic under Sycamore ownership with 600+ stores
10 locations tracked
Toys "R" Us
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.
7 locations tracked
Walgreens
Owned by Sycamore Partners
Pharmacy and retail chain acquired by Sycamore Partners in 2025 for ~$23.7B in the largest retail PE buyout
5 locations tracked