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Retail & Consumer

Retail chains and consumer services acquired by PE

19 PE-owned brands|136 locations tracked

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

PE-Owned

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

PE-Owned1 impact

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

PE-Owned1 impact

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

PE-Owned

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)

PE-Owned1 impact

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

PE-Owned1 impact

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

PE-Owned1 impact

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

PE-Owned1 impact

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

PE-Owned

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

PE-Owned1 impact

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

PE-Owned1 impact

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

7 locations tracked

Petco

PE-Owned

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

PE-Owned1 impact

Owned by Apollo Global Management

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

10 locations tracked

Sears / Kmart

PE-Owned1 impact

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

PE-Owned

Owned by Sycamore Partners

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

5 locations tracked

Talbots

PE-Owned

Owned by Sycamore Partners

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

5 locations tracked

Torrid

PE-Owned

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

PE-Owned3 impacts

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

PE-Owned

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