These Companies Might Die Out Before The End Of The Year
If you know anything about the business world, we are sure that you know that companies come and go. Some are put out of business because their products are no longer necessary. Meanwhile, the rise of e-commerce has put certain companies at risk. The world of business changes with the times as well. Keep reading to find out which stores might no longer be here after this year.
J. Crew
Michelle Obama is particularly fond of this brand, but this has not helped its sales from plunging in the past several years. On top of this, the company closed down its bridal store. Not only that, but creative director Jenna Lyons and CEO Millard “Mickey” Drexler had to cut ties with it. According to Drexler, the company started having problems when it raised prices.
J. Crew
Sears Holdings
Sears Holdings has been in hot water for nearly a decade by now. Its sales have not stopped plummeting. The company has tried many things to stay afloat, from selling assets to shutting down stores to laying off employees. RetailDive said that these measures did not improve things. In October 2018, the company filed for bankruptcy and ceased operations in 142 stores. CEO Eddie Lampert tried to salvage the situation by taking out huge loans from his very own hedge fund to no avail.
Sears Holdings
99 Cents Only
With competitors like Walmart, Dollar General, and Dollar Tree, 99 Cents Only had a hard time keeping its edge. In December 2017, it reported a $27.1 million net loss. On top of this, it incurred $8.8 million losses in Q1 and then $33.6 million losses in Q2. The company was sold to Ares Management and then to Canada Pension Plan. At the moment, a private family owns it. CEO Jack Sinclair came to replace CEO Geoffrey covert as well. It might have positive same-store sales, but it has yet to get out of this mess.
99 Cents Only
GNC
In 2017, RetailDive reported that the gross revenue of GNC went down by 3.4 percent or $2.5 billion. On top of this, the company had $1.3 billion in debt. The chief executive said it was doing just fine in terms of e-commerce and China sales during Q2 of 2018. However, the top-line experienced a decline in profits and sales. The company then sold off 40 percent of shares to a Chinese pharmaceutical company. This affiliate will now handle the production, sale, promotion, and distribution of its products over there.
GNC
Fred’s Pharmacy
In May 2018, this company reported that its gross sales went down by 4.3 percent. On top of that, its bottom-line loss was $139.3 million. Fred’s Pharmacy wanted to have 1,000 stores from 600 stores, but this plan did not happen. In February 2018, the CFO of the company left and was replaced by a former media exec. It turned to Plan B, which meant selling. It sold the specialty pharmacy CVS for $40 million.
Fred’s Pharmacy
Destination Maternity
With more than 1,000 stores, Destination Maternity is a big company in the maternity apparel industry. The CEO left the company last year when its gross sales went down by more than 7 percent. It acquired the help of Berkeley Research Group, which speculated that its relationship with Kohl’s made things hard. In 2017, the year over year sales went down by 6.4 percent! There is still hope since its e-commerce comps experienced an improvement of 40 percent.
Destination Maternity
Ascena Retail
Ascena Retail is the parent company of Lou & Grey, LOFT, Dress Barn, and Ann Taylor. RetailDive said that getting a new Dress Barn chief did not improve anything. This is why the brand will shut down a quarter of its stores this year. Ascena was reportedly expecting sales of $1.7 billion in 2017, but the top-line sales kept going down. In May, Moody’s said that Ascena “is on a path to developing a strong ‘backbone’ of retail capabilities.” It looks like things are improving for this company!
Ascena Retail
Stein Mart
The Jacksonville-based discount department store has not been doing very well, but it looks everything is looking up for it. Stein Mart saw some improvement because its sales and digital revenue went up by 47 percent during the second half of 2017. The company reported a bottom-line loss of $23.4 million but said that it has gone down by 10 percent. It seems like this discount store will be out of hot water soon enough. Apparently, it sought the assistance of advisors to help improve things. RetailDive said that it also got a $50 million loan earlier this year. Whew.
Stein Mart
JC Penney
JC Penney has been struggling. In 2018, it had to lay off a thousand employees and close a distribution center. In 2017, the top-line sales went down by 0.3 percent on a $116 million net income. According to RetailDive, the company is suffering from its $4.2 billion debt. JC Penny investors are allegedly getting fed up with its slow progress. The company tried to make things better by changing the executive lineup.
JC Penney
Office Depot
Office Depot went through some hard times during 2017. That year, the sales saw a decline of 7 percent. CEO Gerry Smith said that the company would start providing services, probably in an effort to improve its top-line. It started offering “BizBox”, a subscription program. Aside from that, it acquired an ITM firm by the name of CompuCom. We hope that these efforts work for the office supplies retailer!
Office Depot
Vitamin Shoppe
Vitamin Shoppe has also decided to focus more on its e-commerce site and began to offer a subscription service. However, this still did not prevent the top-line sales from going down by 8.5 percent in 2017. RetailDive said that the problem stems from the declining popularity of malls and the growing number of competitors. This vitamin retailer hopes to turn the tide by holding events, offering delivery services, expanding categories, and more.
Vitamin Shoppe
Neiman Marcus
This luxury clothes retailer experienced a top-line sales decline of 5 percent during the 2017 fiscal year. The company tried a number of things to improve the situation. RetailDive reported that they seem to be working! Sadly, Neiman Marcus has interest expenses that make things difficult. Some suggested tactics would be laying off 200 jobs and launching a “Digital First” customer engagement plan. Canadian company Hudson’s Bay initially wanted to acquire the company, but this did not happen.
Neiman Marcus
Bebe
Things began to go downhill for Bebe when creative director Neda Mashouf divorced founder Manny Mashouf in 2007. RetailDive said that it also took a hit from the decline of mall culture. In 2017, the fashion retailer experienced a $4.6 million operating loss. The company tried to improve the situation by avoiding the typical retail space. In fact, it paid $65 million to shut down physical stores and solely focus on e-commerce. In 2016, Forbes said that Bebe had 180 stores in operation. Will this work? We’ll see.
Bebe
Pier 1 Imports
Research and strategy agency Jeffries previously said that 2018 would be a “heavy investment year” for Pier 1 since it was going to deal with its “sourcing, merchandising, pricing, marketing, store ops, e-com, and supply chain.” In Q1 of 2018, the company saw a 9.2 percent decline in its net sales! Aside from that, the company suffered a credit rating downgrade courtesy of S&P Global analysts. That’s not all. It all took a hit when Trump placed a 10 percent tariff on Chinese goods. Pier 1 Imports previously said that more than half of its goods were made in China. Ouch.
Pier 1
Lands’ End
Land’s Ends specializes in luggage, clothing, and home furnishings. It does not seem like customers appreciate it anymore. CheatSheet reported that its relationship with Sears caused a lot of problems for it. In 2013, Sear’s decided to head in a different direction. However, Land’s End said that its catalog items are doing just fine. Perhaps things would be better if former CEO Federica Marchionni did not take risks. CheatSheet that she pushed for the launch of Canvas, a youthful brand aimed at fashion-forward consumers with its “designer styles to relaxed looks.” Sadly, it failed to generate profit for the company.
Lands’ End
Guitar Center
Last year, Guitar Center had only a year left to pay off its debt of $900 million. This instrument retailer has been in business for more than 50 years already. Could it be that people no longer like guitars as much as they used to? CheatSheet said the company saw a 36 percent decline in electric guitar sales between 2005 and 2016. Even though it is currently in hot water, it still wants to open more stores. The problem abated temporarily when it got emergency loans. The EVP of merchandising and e-commerce said that the company was merely in transition but still going strong.
Guitar Center
Southeastern Grocers
Southeastern Grocers, the operator of Winn-Dixie, applied for bankruptcy to restructure the debt it has to pay. It shut down nearly 100 stores and paid its debt of $600 million. The company now wants to focus on rebranding and remodeling the stores that did not close. It remains hopeful that this will improve things. CNBC said that Southeastern Grocers suffers from competition with big-box stores and e-commerce businesses. Even though it is based in Canada, there are also stores in Alabama, North Carolina, South Carolina, Alabama, Mississippi, and Georgia.
Southeastern Grocers
Nine West
CheatSheet said that Nine West was in debt for $1.5 billion, although it is presently negotiating to restructure it. According to Bloomberg, the company is selling parts and filing for bankruptcy. It sold Easy Spirit in an attempt to stay afloat. It stopped operations in all but 25 stores. The Washington Post says that the company now plans to focus more on clothing and jewelry instead of shoes! It went on to say that Nine West Holdings suffered from the decreased demand for heels, flats, and sandals.
Nine West
David’s Bridal
Fewer people are interested in extravagant weddings, with more people opting for lowkey events and casual clothes. This is bad news for David’s Bridal. CheatSheet the company took out a loan of $520 million, which is due this year. It also has $270 million in unsecured notes due next year! CEO Scott Key seems to be planning to refinance the debts. RetailDive said that the wedding dress retailer has many market and operational challenges to overcome. In June 2018, S&P Global downgraded its credit rating.
David’s Bridal
Bon-Ton
The retailer has been operating for a hundred years already. Sadly, it looks like the end has come for it. The department store applied for bankruptcy just last year. It was sold and liquidated. Last October, it relaunched its e-commerce business and announced that it was reopening. “The reinvented Bon-Ton would be sleeker, more e-commerce focused business,” said USA Today. Started in 1898, Bon-Ton boomed in small towns without much competition. However, the arrival of Amazon started its downfall.
Bon-Ton
Tops Market
The main reason that companies file for bankruptcy is none other than the failure to cope with changing consumer interests. This was what happened to Tops Market, according to CheatSheet. With the growing interest in non-traditional food sellers, competitors, and declining food prices, it ended up filing for bankruptcy. It is still possible to visit Tops, however. The East Coast supermarket chain continues to operate in Vermont, New York, and Pennsylvania. In July 2018, Buffalo News said it got out of the $80 million annual interest due in 2017!
Tops
Cole Haan
Cole Haan is a luxury footwear company that was considered at risk by USA Today in 2018. The footwear retailer tried to pander to the growing popularity of athletic shoes by focusing less on dress shoes. Previously owned by Nike, it was bought out by Apax Partners in 2013. It had to abandon the famous comfort technology offered by its former parent company! What makes things even worse is that it now has to compete with the company that used to operate it. That can’t be good.
Cole Haan
Charlotte Russe
In March 2019, CNBC said that Charlotte Russe was going to liquidate and cease operation in its stores. It filed for bankruptcy in February 2019, initially with the plan to shut down only 94 retail stores. Sadly, the number rose to 500 stores when a liquidator won the bankruptcy court auction. The women’s apparel company must have suffered because its stores were primarily found in malls. We already know that fewer people are going to the mall these days. It is a good idea to keep up with the times, folks.
Charlotte Russe
Claire’s
If you lived in the U.S. as a young girl, we bet that you have vivid memories of this jewelry and accessory retailer. Back then, you went to Claire’s if you wanted to get your ears pierced! Launched in 1961, this might no longer be the cause. The company has ceased its IPO already. In March 2018, the company filed for Chapter 11 bankruptcy protection and hoped to bring down its debt by $1.9 billion. It shuttered 130 stores by May 2018. Right now, it remains hopeful that buyers and investors will acquire it.
Claire’s
FullBeauty Brands Holdings Corp
FullBeauty owns a number of plus-size brands such as Jessica London, Woman Within, Brylane Home, ellos, Roaman’s, fullbeauty.com, and KingSize. It also fell from grace thanks to Amazon! Apax Partners, the owner of the company, cited the e-commerce giant in the message it send its lenders in 2017. The company said that its revenue suffered a decline of 30 percent during Q1 of 2017. FullBeauty mixed up its executive lineup in July 2018 with the introduction of CFO Bob Riesbeck, CCO Liz White, and CPO Robert Lepere. Let us see if they can do anything to improve the situation.
FullBeauty
Eddie Bauer
Outdoor company Eddie Bauer has some debt problems. In 2017, its Bellevue-based owners, Golden State Capital, started to think of selling it to fix the financial problems. S&P Global also downgraded its credit ranking that year. However, this is not the first time the company faced problems like these. It actually bounced back from its 2009 bankruptcy filing! Its current owners bought it and saved it from its demise. Sadly, it has failed to keep up with the current trends. There is a good chance that Eddie Bauer will end up merging with Pacific Sunwear, however, so there might be no reason to worry.
Eddie Bauer
Bluestem Brands
Bluestem Brands is a retailer that sells everything from appliances to health products to apparel. It comes with 13 e-commerce sites such as Fingerhut, Draper’s & Damon’s, Fair, Appleseed’s, and Gettingon.com. Business Insider called it at-risk. In 2017, Bluestem said that its net sales went down by 10.9 percent. The adjusted net sales did not factor in the exited businesses just yet, so the decline is actually 5.1 percent. While it is somewhat better, it is still rather worrying.
Bluestem
PetSmart Inc.
PetSmart Inc. is a pet product retailer with more than 1,500 stores across the United States, Puerto Rico, and Canada. The company had to restructure its $8 billion debt problem. Reuters reported that none of it is due to mature before 2022. Its problem also lies in the rise of e-commerce, which offers consumers more convenience and even cheaper prices. However, PetSmart decided to hop the bandwagon buy paying $3.35 billion for Chewy, its very own e-commerce site. That is a very steep price, however!
PetSmart
Payless
In 2017, Payless applied for Chapter 11 bankruptcy protection. On top of that, it let go of employees and shuttered over 600 stores. It was a good thing that it bounced back after reorganization in August 2017. S&P Capital Markets say that nonpayment is still a possibility. While it closed down hundreds of stores, there are still plenty of locations in operation. CEO Paul Jones said this in 2017: “We have accomplished our goals of strengthening our balance sheet and restructuring our debt load, positioning Payless to create substantial value for our stakeholders.”
Payless
BKH Acquisition Corp.
BKH Acquisition Corp. runs over 100 Burger King joints in Puerto Rico through a subsidiary called Caribbean Restaurants. The company was placed on Distressed Company Alert by New Generation Research, however. It said BKH Acquisition Corp. received a “low rating”. On top of that, its credit rating went down from a B- to a CCC+ in January 2017. Credit analyst Olya Naumova said that S&P Global Ratings made this decision thanks to its credit crisis and the economic weakness in Puerto Rico.
BKH Acquisition Corp.
Mattress Firm
It is no secret that everyone needs mattresses. However, people seem to be choosing other providers over Mattress Firm. CNBC said that it applied for bankruptcy on October 5, 2018. The financial difficulties happened because of its accounting scandal and “an onerous store footprint.” The company said it was going to sell 700 stores and cease operations in 200 locations. It wants to escape from unnecessary leases and restructure the business as well.
Mattress Firm
National Stores
National Stores is the company that owns Conway, Fallas, and Anna’s Linens. It filed for bankruptcy in August 2018. CNBC said that it planned to cease operations in 74 stores in Puerto Rico and the United States. The publication also speculated that its problems were brought about by its excessive acquisition over the years. Doing so led to a lot of debt and dragged the company into bankruptcy. It does not help that many of its locations are in open-air or stand-alone shopping centers. Yikes!
National Stores
Gump’s Holdings
Gump’s Holdings is a San Francisco-based department store operator that also runs Gump’s Corp and Gump’s By Mail. CNBC said that it filed for bankruptcy in August 2018 because it failed to find a buyer. The press release mentioned that the company was facing the challenges involved with an “overwhelmingly difficult retail environment”. Gump’s By Mail was an attempt to go online, but it was hard to one-up Amazon. At the moment, it is still hoping that a buyer will acquire the company. Until then, it will still operate despite the challenges ahead of it. Gump’s Holdings has sought out liquidators to get rid of its goods and start repaying creditors.
Gump’s
Brookstone
Brookstone applied for bankruptcy in August 2018. CNBC said that the company announced its plans to shut down 101 stores across the United States. The company is famous for home items and tech products. It is also looking for a buyer, although the sale will be limited to airport stores, wholesale operations, and e-commerce businesses. We wish the company the very best.
Brookstone
Rockport
Rockport is yet another footwear retailer on the list. It filed for bankruptcy in May 2018. A private-equity group called Charlesbank Capital Partners bought it in July 2018. The company that acquired Rockport has experience with businesses like Princeton Review, Shoppers Drug Mart, and Papa Murphy’s Take ‘N’ Bake Pizza Stores. That is quite a diverse portfolio. Let us see if it can help Rockport bounce back.
Rockport
The Walking Company
What is it with footwear and bankruptcy? We have already named a number of shoe companies that applied for bankruptcy. The Walking Company is a retailer of comfy walking shoes. It filed for bankruptcy in March 2018. This was not the first time it did so because the same thing happened ten years ago. Luckily, there is a happy ending for them as it managed to get out of hot water this July! Whew.
The Walking Company
Kiko USA
Kiko USA is a cosmetic product retailer. The subsidiary of Kiko Milano applied for bankruptcy in January 2018. Its plan was to shutter nearly all of its stores in the country. It has around 30 stores, most of which are found in shopping malls. While it is experiencing difficulties locally, it is doing much better overseas. In an effort to alleviate the situation, Kiko USA has been trying to negotiate its leases.
Kiko USA
A’gaci
A’gaci is a womenswear retailer that applied for bankruptcy in January 2018. It had been in the middle of lease renegotiation for 49 stores! In its press release, the company explained that about two-thirds of the company expenses went to high leases. Luckily, the company managed to bounce back in the summer of the same year. It announced that it would retain 1,500 employees and 55 stores. This Texas-based company received approval for a loan worth $12 million that June!
A’gaci
Toys R Us
Toys R Us received a lot of publicity for the financial difficulties it had been experiencing. In 2018, the toy retailer applied for bankruptcy and planned to liquidate all of its stores. This was the reason it held clearance sales at 735 stores across the country. Business Insider reported that the company wanted to shut down the stores right away to avoid paying the leases. However, it seems like this was not the end for the brand. By the end of 2018, the owners of the company canceled the bankruptcy auction.
Toys R Us
Bertucci’s
The Italian restaurant chain applied for bankruptcy during the spring of 2018. Associated Press reported that the Massachusetts-based joint shut down 15 locations in April. At the time, it had 59 restaurants in 10 states. Earl Enterprises acquired the company for $20 million, which can be subdivided into $13 million in debt, $4 million in credit, and $3 million in cash. Bertucci’s allegedly had a hard time competing with other restaurants.
Bertucci’s
Gymboree
CNBC reported that Gymboree applied for bankruptcy in January 2019. During the filing, it announced that it was ceasing operations in all Crazy 8 and Gymboree stores. This March, it announced that this was no longer the case. Apparently, it was acquired by Children’s Place, another children’s product distributor. While it bought Crazy 8 and Gymboree, the Gap purchased intellectual property, websites, customer data, and more.
Gymboree
Diesel USA
The denim apparel retailer filed for bankruptcy on March 5, 2019. The court documents revealed that Diesel said it was suffering from a decline in wholesale orders thanks to the “general downturn in the brick-and-mortar retail industry”. It suffered from expensive leases, decreasing net sales, and even fraud and theft! RetailDive said that the company wanted to reorganize and relocate stores to somewhere “with a smaller footprint.” It also wanted to rebrand, launch a Miami pop-up store, and open shop in strategic locations. A number of stores would not be renewing leases, at any rate.
Diesel
Imerys Talc America Inc.
While the name might not sound familiar, you should know that it supplies talc powder for Johnson & Johnson. Bloomberg reported that its Paris unit, together with its Vermont and Canada units, filed for bankruptcy in February 2019. According to Imerys Talc America Inc., it suffered from the 14,000 claims filed against it in the US. The allegations came from women who think the talc powder caused their ovarian cancer. Bloomberg also said that other claims blame it for mesothelioma instead.
Imerys
Pacific Gas and Electric (PG&E)
Pacific Gas and Electric filed for bankruptcy on January 29, 2019. It cited the wildfires in California back in 2017 and 2018. Despite this, the company is seeking the approval of bonuses worth $235 million for its employees! Senator Jerry Hill even said, “$235 million would go a long way to support the victims of last year’s wildfires.” The unfortunate think about the bankruptcy filing is that it sent the claims of the victims and creditors into limbo. Perhaps they should take care of that before employee bonuses.
PG&E
Things Remembered
Aren’t you glad that Things Remembered would not be forgotten? True enough, Business Insider reported that it filed for bankruptcy on February 6, 2019. The personalized keepsake retailer, however, managed to bounce back. In March 2019, RetailDive said that the company was acquired by gift and home décor retailer Enesco! At any rate, the B2B retail operations, online businesses, direct mail, and 176 locations will be keeping the name of the company. What a relief!
Things Remembered
Innovative Mattress Solutions
In January 2019, Innovative Mattress Solutions filed for bankruptcy. The Kentucky-based mattress company owns Mattress Warehouse, Mattress King, and Sleep Outfitters. A different retailer also called Mattress Warehouse even had to clarify that it had nothing to do with the bankruptcy filing of Innovative Mattress Solutions! The day after the news broke out, this company said, “This filing of Chapter 11 bankruptcy has no bearing on the Mattress Warehouse (sleephappens.com) organization or their relationships with their vendors.” Innovative Mattress Solutions will likely close 142 stores.
Innovative Mattress Solutions
Z Gallerie
LA-based furniture retailer Z Gallerie filed for bankruptcy in March 2019. SF Gate said the company wants to avoid liquidation, which is why it is looking for a buyer. It planned to shut down 17 stores on top of that. Apparently, it got to this point because of self-imposed problems. SF Gate also said that it should have invested in e-commerce more instead of expensive distribution centers. The company failed to meet performance goals after investing in the expansion.
Z Gallerie
Beauty Brands
According to Business Insider, Beauty Brands applied for bankruptcy in January 2019. Kansas City Star said that it sold its assets on the market. It went on to say that advertising icon Bob Bernstein was interested in buying the company. According to a bankruptcy judge in Delaware, Bernstein was the “stalking horse bidder”. That position was previously held by Hilco Merchant Resources before Bernstein entered the scene.
Beauty Brands
Shopko
Business Insider said that the Wisconsin-based retailer applied for bankruptcy in January 2019. Shopko wanted to shut down 70 percent of the retail stores from February to Mary as it reorganized. According to USA Today, the company planned to close 251 stores in February and leave only 110 stores open. Shopko would need to issue a Worker Adjustment and Retraining Notification Act in Wisconsin and Illinois. A Shopko spokesperson by the name of Michelle Hansen had this to say about the matter at hand: “Through our conversations with the potential buyers, it has become clear that it is in our best interest to operate with a significantly smaller store footprint.”
Shopko
The Weinstein Company
When sexual misconduct allegations came out against Harvey Weinstein, his company suffered. In October 2017, the film executive was accused by many women in Hollywood. The Weinstein Company finally filed for bankruptcy in March 2018. Two months later, it was acquired by a Dallas-based private-equity firm called Lantern Capital Partners. The New York Times said that it paid $310 million and assumed $115 million of its debt. This would be the first time the firm dabbled in Hollywood as its portfolio was primarily limited to auto dealerships and a zinc recycling company.
Weinstein
Chico’s
This fashion retailer, which focuses on high line clothing, accessories, and female intimates, satisfies the fashion trends of women in their 30’s and up. It was founded in 1983 by a couple, and the store grew rapidly to over 1,400 stores around the U.S. and Canada. It also operates other stores like Soma and White House Black Market. Today, the store is reaching its end, and soon will close nearly 250 stores around the U.S.
Chico’s
The Gap
The famous Gap chain is definitely getting smaller and by the end of 2020, it will have closed nearly half of its stores. After a difficult 2018 season, they made this decision because the chain saw a 5% decline in Gap sales. The current Gap CEO Robert Fisher, says that the closure of eventually 230 stores will hopefully bring life back into the 50-year-old brand. Even the stores that remain will still be reduced in size.
The Gap
Walgreens
The famous drugstore chain Walgreens has been downsizing for a while now, and in 2019 said it would be closing nearly 200 stores. In San Francisco, three stores have closed, including one of the most popular ones. Today, they are trying last efforts to bring people in, like allowing shoppers to choose items at Wallgreens.
Walgreens
Papyrus
Papyrus, the home of the greeting cards, should probably put out a card that says, “sorry to see you go,” now that the upscale stationery store is beginning to close. It’s 70-year-old parent company Schurman Retail Group filed bankruptcy in January and made an announcement that all stores would be closing. It seems that greeting cards are not what they used to be and today, nearly 254 Papyrus, American Greetings, and Calton Cards stores are going out of business.
Papyrus
Forever 21
For years, Forever 21 has been one of the largest, “fast-fashion businesses around. They have low prices for trendy clothing and are always up to date with what’s in style for teens. However, recently, young shoppers have questioned if their disposable clothing is healthy for the planet, and they have been forced to file bankruptcy. Nearly 350 stores worldwide have been shut down, with 200 U.S stores. Now, they are under new ownership and can hopefully save what is left of the 450 stores.
Forever 21
A.C. Moore
As of 2020, this arts & crafts store, A.C. Moore will cease to exist. The retailer has been known for its fair coupons and has recently announced it will start closing at the beginning of the year. The store first opened back in 1985 and over 40 locations may reopen as Michaels arts and craft stores.
A.C. Moore
Macy’s
Macy’s made a very surprising announcement that it would be closing one-fifth of its department stores. They announced that nearly 125 stores in struggling malls will be closed down, and 28 of which will be closed as part of downsizing. Now, the massive retailer is trying to experiment with opening smaller stores in strip shopping centers.
Olympia Sports
As of 2020, half of the stores included in the Olympia Sports Chain have been closed. This is a regional sporting goods store commonly known to shoppers in New England, New York, and east coast areas. Last year the company was bought out by JackRabbit, which is a chain across the U.S. that sells sneakers, exercise equipment, and athletic clothing. The 76 stores that were not bought out have been officially liquidated.
Olympia Sports
Express
Every mall around the US usually has an express store. This male and female clothing retailer first came out as “Limited Express,” 40 years ago and soon became a staple in all mall centers. Nowadays fewer shoppers find themselves at the mall, and Express is trying to keep itself on the market. However, they had a difficult shopping season in 2019 and planned to close around 100 stores in the coming years, with 31 closures that have already occured.
Express
Bed Bath & Beyond
We all know the gigantic home retailer Bed Bath & Beyond. They take up 80,000 square ft. show around 300,000 items all around. They have everything you could imagine for your home. In addition, 40 stores are closing in 2020 another 20 of the stores are closing like buybuy BABY and Cost Plus World Market.
Bed Bath & Beyond
Earth Fare
The smaller organic grocery store chains are soon realizing that they cannot compete with Whole Foods and Amazon. North Carolina’s Earth Fare, sadly gave in to this fight and announced its closure of 50 natural food supermarkets in 10 southern and midwest states. They first started in 1975 and now are filing for bankruptcy.
Earth Fare
Bose
Bose, the famous speaker, and headphone company are now closing all 119 of its outposts in North America, Europe, Japan, and Australia. The store had its first opening in 1993 where costumers were able to test the products. Then and now, the head of the company has been focused on what costumers want, and today they are closing around 50 stores in the next several months.
Bose
Kmart
In 1962, the home of the Blue Light Special had its first opening under the name Kmart. They had nearly 2,500 chains around the world, but in 2002 filed for bankruptcy closing many of those chains. The two years following, Kmart merged with Sears and things started to go downhill. In 2019, many stores shut down and by 2020, 50 stores will close. Now, there are nearly 182 Sears and Kmart stores around, but the company that owns the chain says that business has faced many challenges to there establishment.
Kmart
Christopher & Banks
In 1956, Gil Braun first established Braun’s Fashions in Minneapolis. He was fascinated by women and wanted to give them high fashion at cheap prices. The company changed to the CL Banks and expanded to 500 locations. In one quarter the company lost nearly $8.8 million but increased online sales to 11%. Now, the company is cutting back store locations and moving its resourced to e-commerce businesses. By the end of 2020, the plan to close around 30 to 40 stores, but it has been removed from the New York Stock Exchange.
Christopher & Banks
Lucky’s Market
After trying to compete against wholefoods, this organic supermarket is another one that could not even begin to compete. The colorado bred Lucky’s Market was founded in 2003 and owns the slogan “Organic for the 99%,” filed for Chapter 11 bankruptcy and closed 32 of its 39 stores in 10 states. Lucky’s was so popular at a certain time that it took an investment from Kroger, America’s largest supermarket company. Kroger assisted Lucky in growing from 17 to 40 within three years, but at the end of 2020 canceled their partnership.
Lucky’s Market