10 Companies We Lost In The Last Decade

in the last ten years the retail apocalypse has taken out a lot of one's beloved brands clothes fifty three stores this year are the teenagers shopping today while some of these companies futures remain unclear others are completely dead here are 10 companies that fell in the past decade [Music] paleis was once the largest family-owned Footwear chain in the United States the company peaked in the 1990s selling 250 million shoes a year it's self-service strategy had customers shop for shoes themselves allowing the company to employ fewer people and save on operating costs plus with most shoes costing fifteen dollars or less when it launched in the 50s about $25 today Bayless was a bargain compared to other retailers but pavis didn't count on competition from discount retailers like Target and Walmart which quickly rose in popularity throughout the 2000s and once online retailers like Zappos began to dominate pay losses sales struggled and 2017 paleis officially filed for bankruptcy two years later the company filed again and announced that it would close all of its stores at its height in 2004 blockbuster employed 60,000 people with more than 9,000 locations globally the movie rental giant was worth about five billion dollars but a mix of bad leadership and competition from Netflix red box and video on demand spelled the end for blockbuster in 2010 it filed for bankruptcy with a billion dollars in debt at the time it was the last remaining video rental chain in the u.s. in 2011 DISH Network acquired blockbusters remaining assets for about 320 million dollars and two years later dish began closing all remaining stores in the US but there's still one store left a privately owned Blockbuster in Bend Oregon is the last remaining in the world and still going strong recent nostalgia for 80s and 90s brands has renewed interest in Blockbuster in 2019 apparel brand um good released a collection of blockbuster themed merchandise and hosted pop-up shops in Los Angeles in New York City orders was an international book retailer headquartered in Ann Arbor Michigan a book for Hemus borders and its Waldenbooks subsidiary had locations and airports outlet malls and shopping plazas but the retailer made a huge mistake when it prioritized expanding its brick-and-mortar stores instead of its online presence plus orders didn't have an e-reader as popular as Barnes & Noble's Nook or Amazon's Kindle to keep the company alive in the digital age in 2011 orders filed for bankruptcy at the time it had 650 stores the last store was liquidated and closed in September 2011 as a final nail in the coffin that same year Barnes & Noble purchase borders customer lists and Trademark at one point Sports Authority was the largest retailer for Sporting Goods in the US but as the decade continued just couldn't match competition from the higher end Dick's Sporting Goods and they couldn't keep up with online purchases made on Amazon or directly with sports leagues in March 2016 Sports Authority filed for bankruptcy with a huge debt load it had 14,500 employees at the time that same year the chain closed all of its stores nationwide founded in 2004 charming Charlie was a mainstay of American malls in the 2000s at its height the accessories chained had almost 400 stores around the world but by 2017 it fell victim to what the chief financial officer called the continuing decline of physical consumer traffic it filed for bankruptcy and closed a hundred stores after a successful financial restructuring the company emerge from bankruptcy in 2018 but it wasn't enough a year later Charming Charlie filed again saying it only hit six thousand dollars in cash left the company stopped website sales and announced it would be closing all of its 260 stores the high-end children's clothing brand started the decade off great with 950 stores across the US and 2010 but that year things turned sour a private equity firm bought Danbury for 1.8 billion dollars the new leadership quickly opened 400 stores overseas but that rapid expansion just wasn't sustainable spread too thin a company filed for bankruptcy in June 2017 and closed 375 stores Jim Barry took the chance to reorganize and came out of bankruptcy in September 2017 after shaving a billion dollars in debt but it didn't stick sales from The Children's Place gap and t.j.maxx far outpaced in Varese the company could no longer support its cost and capital structure in 2019 Jim Barry filed for bankruptcy again and began closing all of its 800 stores in March of that year rival retailer The Children's Place bought the Gymboree brand founded in 1859 in New York ANP was the largest grocery store chain in the u.s. from 1915 to 1975 ANP was able to offer lower prices than traditional grocery stores by purchasing large amounts of inventory from manufacturers it further cut costs by getting into manufacturing directly allowing the company to control nearly all aspects of the grocery business however by the 1970s EMP stores were outdated compared to its competitors who are opening up even larger supermarkets with modern features over the next few decades specialized grocery brands like Whole Foods and Trader Joe's began to dominate the grocery market after failing to keep up with new trends and connect with consumers ampy found itself with a reputation for poor customer service and high operating costs in the great recession further tanked a MP's already falling sales in 2010 the chain filed for chapter 11 bankruptcy but it emerged as a private company that briefly became profitable until 2014 but sales fell again and the company reported a loss of three hundred and five million dollars for its 2014 fiscal year a MP filed for bankruptcy a second time and closed all of its stores while air became popular after its inception in 2011 for offering ultra cheap flights from the u.s. to Europe often for less than $200 in 2018 the Icelandic airline employed more than a thousand people had 11 aircraft and transported about 3.5 million passengers however the budget airline struggled with profitability likely because of a combination of rising fuel costs and a decrease in tourist visits to Iceland in recent years on March 28th 2019 Wow air suddenly announced it was ceasing all operations leading hundreds of passengers stranded CEO Schooley mogensen confirmed that over a thousand people would be impacted while we are once flew in over a quarter of all visitors to Iceland and after its unexpected shutdown Iceland saw a notable decline in its tourism industry and an increase in unemployment Henri Bendel founded his namesake store in 1895 and the brain and retailer became a pioneer in the world of luxury fashion bendin was credited as the person who first sold Coco Chanel's designs in the US and the person who discovered Andy Warhol and thanks to Jackie Kennedy the Henri Bendel flagship store in New York has landmark status Bendel's was acquired by L brands in 1985 and continued setting the standard for luxury retailers everywhere becoming the first retailer to host in-store makeovers and in-store fashion shows however L brands announced in September 2018 it would be closing all 23 Henry Bendel stores and ending the brand to improve company profitability and focus on larger brands that have greater growth potential 124 year-old brand have ceased to be relevant to consumers and it showed despite its once iconic status Henry Bendel lost more than 45 million dollars in operating costs in 2018 Toys R Us began as a single store in 1948 and grew to become the first big-box toy store its growth coincided with the rise of iconic toys like Barbie dolls and mr. Potato Head as well as TV commercials which helped build Toys R Us as highly successful brand [Music] thanks to ToysRUs the toy industry's worth grew from 500 million dollars in 1950 to 12 billion in 1990 at its peak the company controlled a quarter of the global toy market and was selling 18,000 different toys in over a thousand different stores but thanks to a combination of changing tastes and toys going private in 2005 a failed buyout its doors becoming dated and the eventual rise of e-commerce Toys R Us began to struggle competition from big box stores like Walmart and Target quickly overtook Toys R Us hurting the once dominant retailers already shaky sales however the biggest factor behind its demise was Toys R Us is growing debt over the years Toys R Us owed more and more money and ended up devoting much of its resources toward paying off that debt until finally declaring bankruptcy in 2017 at the time Toys R Us owed more than five billion dollars however Toys R Us isn't completely gone true kids brands purchased the company's assets in October 2018 and announced plans to bring back the brand in November 2019 and a new retail store in Paramus New Jersey while we've seen a lot of iconic companies fall in the 2010s our eyes are on the struggling brands that might just make a comeback in the coming decade

Channel: Business Insider

Views: 3,145,486

Keywords: Business Insider, Business News, retail apocalypse, companies, payless, borders, wow air, toys r us, charming charlie, blockbuster, gymboree

Id: bxVN1NUXYNY

Length: 9min 52sec (592 seconds)

Published: Sun Dec 22 2019