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  "documentTitle": "Dollarama Inc. (DOL)",
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  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
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  "notes": "Uses a 'Villain' framing by contrasting corporate optimism with bankruptcy/distress.",
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      "kind": "callout",
      "text": "“Twenty-two percent of Bain LBOs from 1984 to 1992 went bankrupt” according to Eileen Applebaum in her book “Private Equity at Work.”¹ Recent Bain-led retail busts include Toys “R” Us, Guitar Center, and Gymboree.",
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      "text": "Twenty-two percent of Bain LBOs from 1984 to 1992 went bankrupt according to Eileen Applebaum in her book Private Equity at Work. Recent Bain-led retail busts include Toys “R” Us, Guitar Center, and Gymboree.",
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      "text": "1) Source: “Bain Capital Sees High Profile Buyouts Go Bust”, NY Post, March 2018",
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      "kind": "quote",
      "text": "\"Toys \"R\" Us and Babies \"R\" Us are premiere franchises with strong global brand recognition and a collection of high quality product offerings including toys, children's apparel, and baby products and accessories. We are excited by the prospect of partnering with the management team and employees to strengthen the long-term operating and financial performance of the businesses.\" — Matt Levin, a MD at Bain",
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      "text": "Table comparing Company, Date, Enterprise Value, Bain Capital Quotes, and Outcome.",
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      "kind": "title",
      "text": "Will Dollarama Be The Next Bain Capital-Led Failed Retail IPO?",
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      "evidence": "The deck identifies several problems with Dollarama's business model, including refinancing risk, stagnant store traffic growth, and unsustainable margins.",
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