The Decision to Sell Triton's Action

The cost of capital has gone way up. The hurdle rate, which is a financial term for the necessary return profile to justify the risk of making an investment also goes way up. And so what that means is that there's a bunch of businesses that aren't going to be able to get access to the next round of funding. If you're not defaulting on your debt and producing cash every day as a business, you're in real trouble. So this sale is just illustrative of how difficult it can be to acquire a business like Birchbox.