In the Matter of Staples/Essendant, Inc., File No. 1810180 #01642

Submission Number:
01642
Commenter:
Joan-Marie Bauman
State:
New York
Initiative Name:
In the Matter of Staples/Essendant, Inc., File No. 1810180
As tiy know Private Equity funds allow the wealthy to pool their money to buy out profitable companies, like Staples. The private equity fund then loads up the company with debt while slashing wages, benefits, and jobs, all to make more money for the wealthy investors. Eventually the fund either sells the gutted company -- or, in the case of Toys R Us, closes it entirely, even though the company still makes money, even though thousands of workers lose their jobs. Sycamore Partners, the firm that owns Staples, has already shut down most Nine West stores and picked apart companies like Hot Topic and Aeropostale to try to extract as much value as possible. Right now the Federal Trade Commission is taking public comment until the end of the month on Sycamore's attempt to merge Staples with another office supplier. If this merger goes through, investors in a private equity fund will have more power to reduce competition, close stores, and lay off workers. tt is imperative that this merger not go through as it will lessen the competition in the market place and harm consumers while destroying the workplace for workers... Creating monopolies is not part of your job or mission nor is making fat cats fatter. It is capricious on the part of a fund to keep destroying the workplaces of millions of people here in the United States to make more for a few in a fund! Whatever happened to fiduciary duty laws to permit this? Thank you for your attention. Sincerely, Mrs. Frederick Bauman