Essentially no company bought out by private equity manages to remain high-quality. The entire point is to milk the revenue stream dry while overleveraging on debt to provide investors with a large short-term payout. They do this by slashing costs to the bone, laying off too many people, and betting that the remaining husk will coast long enough to make the target return before they sell off what’s left to second-stage vultures.

So, while it’s sad, the only surprising outcome would have been if quality stayed the same.