They didn't make the decision to salvage their losses.
Like you said, it was a failing business.
PE didn't come in with the goal to turn Red Lobster around. EVERYTHING the parent poster described was things PE didn't do to save Red Lobster, it was "How can we suck this thing dry before it dies".
The most charitable thing that you could say is that PE was putting Red Lobster out of its misery. While making bank on doing so.
Like you said, it was a failing business.
PE didn't come in with the goal to turn Red Lobster around. EVERYTHING the parent poster described was things PE didn't do to save Red Lobster, it was "How can we suck this thing dry before it dies".
The most charitable thing that you could say is that PE was putting Red Lobster out of its misery. While making bank on doing so.