I'm not surprised really, they sold stuff for silly prices that were not viable for keeping them (or any other business) open long term & in doing so forced a lot of the smaller shops out of business.
It seems all right in the short term for the consumer, nice cheap bits/leathers/bikes etc, but it's another big company paying staff **** wages & a few at the top creaming it off.
There's too many places like this, the whole bloody country is becoming Tesco-fied and rather than being better off, we're getting poorer overall. Pretty much everyone not in public service will end up on minimum wage,
working their bums off for a few at the top in massive companies. Notice how a lot of current business failures have the words "private equity" in the news articles?.
It's all a big scam, buy a business with borrowed money, asset strip it & then cream the money off into an offshore account. Who cares if it makes a profit, it doesn't need to.
The directors will walk off with money & leave a burnt out shell of a business.