The pandemic devastated an already struggling intercity bus industry, and unlike airlines, the federal government didn't step in to provide support.
After acquiring Coach USA, the private-equity firm Variant Equity Advisors loaded the operator with debt, which became unmanageable once travel halted.
Andrew Savikas, CEO of Wanderu, remarked that buying bus carriers just before a pandemic was not a sound decision, reflecting poor timing for private equity.
Despite its recent struggles, Megabus has been a significant option for budget-conscious travelers looking for affordable transportation across city routes.
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