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View Diary: "My employees are largely responsible for any success I've had" (74 comments)

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  •  Hard for retiring owners to protect workers (8+ / 0-)

    Even well meaning owners have a very hard time of it. A few years ago the privately held Mervyn's tried to write in all kinds of protections for their employees when they sold the company but in the end vulture capitalist still found a way to suck all of the equity out and bankrupt the stores in a few years time. (They split the buildings which were wholey owned by Mervyn's into a separate corporation and left all of the stores contents and employees in the original corporation. They then bankrupted them by charging exorberent rents and management fees.)

    Time will tell if this plan works out. But I see all kinds of ways for it to go south.

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