In the Matter of Staples/Essendant, Inc., File No. 1810180 #00964

Submission Number:
00964
Commenter:
Martha Thomae
State:
Pennsylvania
Initiative Name:
In the Matter of Staples/Essendant, Inc., File No. 1810180
This now popular practice if buying up profitable companies by private equity funds made of up very wealthy investors always looking to add to their pile is disadvantageous for our nation and. does the opposite of "making America Great Again" because it diminishes competition in the areas targeted which causes not only higher prices for the product but causes the loss of jobs, mainly in the skilled "blue collar'' sector. This is the very stratum which has not yet recovered from earlier recessions and which has the highest amount of workers who cannot find jobs suitable for them with which they could support their families. Giant lay-offs and commercial damage has come to cities targeted for these private equity fund takeovers. The proposed merger between Staples and another office supplier is a similar disaster which will happen if the two are allowed to merge. America is not supposed to be run so that very wealthy people can rape and pillage at will. America was founded on the idea that the common man deserved to have his voice heard and his rights protected. Let's stick to that. When Toys R Us last year 31,000 people immediately lost their jobs and, to keep their own profits high, the private equity firm did not plan to pay their severance pay. It took a lot of organizing and mass public mobilization to get them their deserved pay. Private equity funds are in it for one reason only - to make high profits for their already wealthy investors and are not interested in saving a valued and profitable business. The profit is probably lower than they desire. Why kill off a successful retailer just because you can; there are many other ways to make a profit on investments. This is not a way that benefits the common good.