Perhaps they sucked it dry to the extent it couldn't continue. Investment companies are big on the payout and not very smart on the long term success.
This exactly. Private Equity often buys retailers, then leverages them for other investment.
The only real asset a retailer has is sales revenue. The real estate and product on hand are usually moot (unless it's Sears, Walmart, Target, or another bigboi that buys their own land and builds their own store).
Therefore, when sales slow, the PE ownership that has over-leveraged the business can't pay their loans and has to immediately file and liquidate. A traditional retailer can hunker down and push through the downturn or figure out how to reinvent themselves since their hand isn't being forced because they haven't leveraged their entire company to make questionable unrelated investments.
It's best to leave the retailing to the retailers. PE buyouts usually spell the end within 10-15 years (pretty much at the next retail slowdown or economic downturn) for retailers.