I don't mean to invalidate or deny this person's experience, but I think it's unavoidable that any business will have at least a few employees who aren't happy working there, for whatever reason. It doesn't have to mean working conditions are bad or that there's something wrong with the company, and it doesn't have to mean the employee is bad at their job or has unrealistic expectations; sometimes it's just not a good fit.

On the other hand, employees having the opinion that their parent company is mismanaging the business (while still sticking with them) is a little bit more compelling to me as being potentially true.