Basically a Vampire operation to suck decades or centuries of 'value' out of assets (plants, real estate) that was bought and paid for long ago. Suck out the blood and toss the carcass aside.
Taught by all the 'best' business schools. A direct result of the preponderance of MBA's since the 1970s.
Oh, and I might add, the BOD and CEO are in on it.