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Private Equity Backed Firm is Ruining Bowling (jacobin.com)

submitted 6 months ago by Eccentric@sh.itjust.works to c/longreads@sh.itjust.works

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[–] Fern@lemmy.world 7 points 6 months ago* (last edited 6 months ago) (1 children)

I was lazy and asked gemini to do this.

Here are the key points of the article in bullet points:

Bowlero, a private equity-backed bowling company, has been rapidly expanding by acquiring existing bowling centers.
Bowlero's focus is on entertainment rather than bowling, with features like loud music, expensive cocktails, and video games.
Serious bowlers complain that Bowlero centers are poorly maintained and have raised prices significantly.
Bowlero has faced accusations of ageist and racist hiring practices, with a federal investigation currently underway.
Bowlero's stock price has been boosted by investment personality Jim Cramer, but some analysts believe the company is overvalued.
Independent bowling centers are worried that Bowlero's expansion will threaten their existence.
Professional bowler Parker Bohn III criticizes Bowlero for not caring about the sport of bowling.

[–] ringwraithfish@startrek.website 10 points 6 months ago

Enshitification. Private equity buys up everything, squeezes it for all its worth, forces it to lose all its customers, and then sells off all remaining physical assets (land, buildings).

Look behind the downfall of most big country wide names and you'll see a private equity firm running this same playbook right around the time they started losing quality.