B&N is also probably the only example I can think of that has gotten somewhat better since. But I also wonder if its an outlier even worth considering. I don't work at B&N, so this is me making a guess. They don't have any kind of patents (software or otherwise), so no real valuable IP, its just a straight forward business. Not a disruptor of tech. No manufacturing, or at least manufacturing it is highly dependent on. There is nothing really in their line of business that makes it worth it for a brain drain to reduce cost and sell it higher than what you bought it for. But I'd also guess there are few to no people who want to enter the book selling business. So if your a PE firm that is gonna acquire it, your only option is to actually run it halfway decently? I guess maybe they could have slimmed it down to virtually nothing and tried to sell it to Amazon, but I wonder if that merger would be allowed to go through?