Pets
Related: About this forumVideo: PetSmart Workers EXPOSE Horrendous Conditions
Nov 15, 2021
Corporate greed is killing pets and starving workers at PetSmart. When the private equity firm BC Partners bought PetSmart in 2015, animal deaths more than doubled and working conditions plummeted. Workers and elected officials are demanding change.
PetSmarts behavior under BC Partners has caught the attention of Senator Warren and Rep. Mark Pocan, who are demanding answers about working conditions and pet deaths. Their bill, the Stop Wall Street Looting Act, would hold private equity firms responsible.
Donkees
(31,340 posts)...Meanwhile, BC Partners appears to have followed the private equity playbook to line its pockets. Immediately following its acquisition, PetSmart returned an $800 million dividend to its new owners, allowing BC Partners to recoup nearly 40% of its initial acquisition cost within ten months of the deal. In the middle of the pandemic, BC Partners also took steps to split PetSmart and Chewy, the more profitable online pet retailer, and transfer all of PetSmarts shares in Chewy valued at $26 billion to themselves.
https://www.warren.senate.gov/oversight/letters/warren-pocan-seek-answers-from-pe-firm-bc-partners-following-reports-of-inadequate-working-conditions-and-rise-in-pet-deaths-at-petsmart
I_UndergroundPanther
(12,462 posts)Must be made to suffer. Petsmart owners for the animals that have died and abusing the workers for "efficency".
Rich people especially the corrupt ones need to be taxed at rates higher than the 60's and 70's
I say 99 % on thier assets and profits and everything else that can be taxed ruthlessly.
Nobody is entitled to run a company. When they abuse workers and kill animals why not revoke thier corporate charters..
and liquidate every asset and every dime. And donate it to pay off the national debt.or better yet use it to help the lives of poor people ,workers,ect. Use it to make things better for the non-millionairs.
Stuff like free college,free school lunches,clean up polluters crap,get rid of fossil fuels,protect parks and nature. House the houseless,mental health programs expand medicare/medicalassistance.. empower the irs.
Too many corporations are abusive and tyrannical they have the entitlement mentality.
The profit imperative needs to stop.