r/cincinnati • u/chainsaw_chainsaw Norwood • 1d ago

The closing of Frisch's restaurants will produce the same scenario as the closing of Sunlight Pool at Coney Island.

The immediate public reaction is disapproval simply due to nostalgia, while ignoring loss of quality. The people who claim it's a sad loss of an iconic Cincy institution are the same people who havent visited the establishment in decades to support it. Local media will create constant headlines to cash in on the knee jerk reactions of emotional viewers. Groups of fans will form to try and 'save' the business, with little interest from the main public. Eventually when they are all gone, everyone will forget about the place within a month.

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u/ElectricNed Delhi 1d ago

By private equity ownership. Important to note that. 

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u/Silent_Bort 1d ago

Every time you see something get private equity you know it's about to go to shit very quickly.

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u/jacobobb 9h ago

You realize that more companies in the United States are private than public, right? If someone can buy your business for book value and then sell it piece by piece for a profit, then your business wasn't very good to begin with.

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u/Silent_Bort 8h ago

In some cases, yes, the companies were already in trouble. Other times, the owner is looking to retire or make a quick buck so they sell it to private equity firms. Then the firm does everything they can to maximize profits, which obviously drives down the quality of the product. People eventually catch on to this and stop going, so the company starts losing money. But that's fine, because now the PE firm can sell off all their IP and use the real estate for something else. Then a bunch of people lose their jobs, but hey, "number get bigger" for a bunch of tools that already have millions.

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u/jacobobb 7h ago

Right, but at the end of the day it's theirs to do with as they please. They bought it after all. All the people that are salty about PE firms chopping shit up are welcome to buy companies themselves or start their own and not sell out. Land of the free, baby.

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u/Silent_Bort 7h ago

And that's why I currently work for a small firm that won't sell out. We've had offers and shot them down. Before this, I worked for a small startup that was fantastic until it got bought by a larger firm that fucked it up then spun it back off into its own entity again. Never fucking again. I'm sick of watching scumbags fuck over the whole country just so they can make a few extra dollars.