As far as I can tell, the reason they've wasted so much money on PPE is precisely because they didn't have any stockpiled nor any plans.
The pandemic meant they suddenly needed loads of PPE they didn't have. The rest of the world also needed loads of PPE. This companies could charge whatever the liked for it. The lack of planning meant they had no idea how much they actually needed or how much of what they ordered would end up being supplied, so they massively overshot.
No planning and no stockpiles = panic buying huge amounts of overpriced PPE.