When big, private corporations get their hands on public businesses, things tend to go downhill. Products aren’t what they used to be and consumers are left to pick up the pieces. This is exactly the disappointment a New York man felt when he went to a fan-favorite bakery, only to taste sorrow.
TikTok user HKvonDC had quite a hot take on Magnolia Bakery’s cake, which used to be one of his favorite places to get a delicious piece of cake. But that excitement is no longer there after buying a slice, taking a bite, and saying to his friend, “This is awful!” And what he blames it on is private equity.
HK said he immediately did some research on Magnolia Bakery and found that the business was acquired by Hudson Yards, a private equity firm, several years ago. He claims now the products at their store are “absolutely disgusting and shameful.”
HK says the banana cake he purchased was left in a plastic box with “sad frosting” and everything in the store had the same appearance. The same was said about the banana pudding he bought.
If you scan the internet, you’ll find a lot of customers who used to love Magnolia Bakery now sharing his same sentiment. Apparently, private equity caused their products to lose the luscious life and flavor they once possessed. Many people claim their products are now incredibly dry, overly sweet, or taste fake, among other comments.
As HK adds at the end of his video, “This is what happens when private equity buys anything that’s good, and fun, and sweet, and natural in this world. They destroy it.”
The Internet backs up HK’s observation
With nearly 2,000 comments on HK’s TikTok video, many agreed with him and joined him in bashing private equity firms. “Private equity ruins everything,” one TikTok user wrote, which garnered nearly 600 Likes.
“But can we talk about these businesses that KEEP selling TO private equity companies,” one of the top comments read. And in turn, these companies cut corners, leading to subpar products.
“Mr. Krabs tried to tell us!!” another commenter wrote. This was followed by an image of a Krabby Patty made of sludge (Season 4, Episode 5). For context, in that episode, the Krusty Krab had been sold to a corporation, resulting in synthetic Krabby Patties.
One commenter took an opportunity to share their love for the Cheesecake Factory, which is public. “Shout out to Cheesecake Factory for never selling out,” they wrote. It gained over 1,000 Likes, with several commenters agreeing.
Especially when it comes to food, people will support businesses that actually care about their treats. When it’s privately owned and the quality dips, people vote with their wallet.
