Enshitification. Private equity buys up everything, squeezes it for all its worth, forces it to lose all its customers, and then sells off all remaining physical assets (land, buildings).
Look behind the downfall of most big country wide names and you'll see a private equity firm running this same playbook right around the time they started losing quality.
I see you're describing a case-by-case basis, but I'm still failing to see how it's case-by-case. /s