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Yeah, we have seen this before. Joanns got controlled by private equity and cyclic debt meant their most profitable stores were in fact earning -200% profit.

The whole point of private equity to hook their nose into a company and to destroy it. Those firms seems to have been focusing on what I call "resource organizations"; companies that provide resources or materials that allow people to do their own thing.

• Joanns was a crafters heaven but it was a primary source for textiles and people to be able to make their own clothes or others household items.

• Tractor supply and their "chicken feed" that caused chickens to stop laying eggs.

• Companies that make canning supplies are being hit hard in the same fashion as Joanns.

• Sears and Craftsman tools.

• Snap on tools.

The list goes on and on...