Crisis in Retail: 10 US Major Chains Vanishing Overnight

is your favorite store at risk of Disappearing overnight recent reports indicate that many major retail chains are facing significant challenges putting them on the brink of collapse the retail industry on the United States is experiencing an unprecedented crisis with Once thriving Giants and household names succumbing to closures today we delve deeper into the shocking retail apocalypse exploring the reasons behind it and revealing the top 10 major U.S chains that may vanish very soon so stay tuned as we shed light on the tumultuous situation that's reshaping America's Retail Landscape only here on finance today don't forget to subscribe to us here to support our work so let's Dive Right on into this gripping retail crisis number one breaking news retail chain Tuesday morning is in hot water as its filed for bankruptcy just a month and a half ago the company cited an excess of unprofitable stores leading to its decision to close 264 out of 464 locations decreased foot traffic and in-person sales compounded the issue forcing Tuesday morning to seek chapter 11 protection for the second time in three years the pandemic's impact on the company's Financial strength has left experts questioning its ability to weather the storm in 2023 will this once thriving retailer survived the latest blow or is it on the brink of collapse number two attention coupon holders if you've been stashing away those 20 off Bed Bath and Beyond coupons better use them soon as the company will soon stop accepting them after struggling for years the retailer has finally filed a chapter 11 bankruptcy and is now taking drastic measures to survive prepare for a massive going out of business sale as Bed Bath and Beyond plans to close all of its 360 locations at 120 bye-bye baby stores by June 30th the James demise can't solely be blamed on economic uncertainty Bad Decisions by its management played a significant role for investors who once Bet On Bed Bath and Beyond it's time to reconsider as dead holders will be prioritized in bankruptcy proceedings this retail tragedy Rivals the closures of Toys R Us and Circuit City number three trouble is a bruin for retail giant Big Lots as it faces a dire situation known for its vast product rage including furniture groceries and toys the company operates 1 425 stores across 48 states however despite consumer seeking deals at low prices Big Lots is now experiencing a significant 10 drop in year over year sales hundreds of locations are now unprofitable putting them at risk of closure the Chief Financial Officer Jonathan ramston dropped a bombshell by revealing the company's plan to shut down all its urban center stores before 2023 ends retail experts are alarmed by the Chain's overall Financial Health which took a massive hit in 2022 and there was little help for Recovery this year losing its largest Furniture vendor only added to the Chain's woes and the fiscal Year's net loss amounted to a staggering 210.7 million dollars the future looks bleak for Big Lots and loyal customers might soon bid fare well to their favorite stores as the retail industry faces more turbulence the fate of this once thriving chain hangs precariously in the balance number four in 2022 Rite Aid shocked the market by closing 145 different stores but the crisis didn't end there Forbes recently disclosed that over 100 stores have been underperforming for several quarters and more closures are on the horizon the pharmacy chain is desperately trying to cut costs having reported a massive quarterly loss of over 67 million dollars in December 2022 unfortunately things are only getting worse with fiscal 2023 projected to be even Bleaker than expected Rite Aid's Executive Vice President and CFO Matt Schroeder hinted at the possibility of More Store closures leaving the once prominent chain fading away from its U.S Retail Landscape the future looks uncertain for Rite Aid and it may be a matter of time before this once thriving brand disappears entirely five next Dollar General the self-proclaimed America's neighborhood General Store is facing a rapid decline in U.S cities the discount retailer is closing multiple locations in California Colorado Indiana and Ohio and the reason might be more alarming than you think according to the U.S Department of Labor's occupational safety and health administration or OSHA Dollar General has been exposing its workers to unsafe conditions for years numerous serious health and safety violations have been cataloged leading to over 15 million dollars in fines and more than 180 inspections Nationwide OSHA's regional administrator in Atlanta warns that these hazardous conditions can put employees and others at risk especially in emergencies and as if that wasn't enough Dollar General is now grappling with yet another multi-million dollar lawsuit that could potentially push it to the brink of bankruptcy Dollar General might need a crash course in discounting 101 to avoid a one-way ticket to the bankruptcy aisle remember it's all fun and games until your workplace safety violations become a million dollar lawsuit stay tuned for more retail roller coaster updates on finance today don't forget to subscribe and avoid any bankruptcy jokes in your own Financial Planning number six Party City's once thriving party may have turned into a major Downer as the popular goods and decorations retailer faces a devastating end 2023 marked the beginning of their downfall when Party City filed for bankruptcy the company cited soaring inflation and changing consumer spending habits during the pandemic which disrupted in-person party celebrations as significant contributors to their financial struggles relying heavily on social Gatherings for Revenue Party City could not weather this storm as the losses piled up the company had to make tough decisions including a corporate Workforce reduction of 19 and things went from bad to worse when it was revealed that their losses for 2022 could reach a staggering 200 million dollars to add salt to the wound their stock trading holds it and the company got delisted immediately with a billion dollars in assets but a staggering 10 billion dollars in liabilities during the bankruptcy filing Party City's future looks bleak the party is truly over as all their stores are now in the process of permanent closure seven Amazon's grocery retail business is hitting a rough batch prompting cost-cutting measures the retail giant is closing down multiple Amazon go convenience stores and Amazon Fresh locations signaling its Retreat from the cashier-less grocery concept instead Amazon aims to strengthen its market share through its 500 plus remaining Whole Foods stores surprisingly last month saw several Amazon Fresh stores left MD indicating a faster downfall than expected eight Nordstrom the iconic retailer finds itself under the watchful eye of Moody's Analytics bankruptcy list amidst the ongoing retail apocalypse which is taking a heavy toll on department stores the company's travels have only worsened with its recent exit from the Canadian market and the closure of several U.S locations due to a devastating 40 sales collapse in 2022 but the woes don't end there as we head into 2023 Nordstrom is predicted to face even more challenges with another economic downturn on the horizon retailers profit margins are expected to be squeezed further by a consumer recession the pressure is mounting and the future looks uncertain for this once beloved brand will Nordstrom find a way to weather the storm and rise above the retail turmoil or is it on a path towards another major financial crisis 9. CVS a household name in the pharmacy world is about to undergo a massive transformation CEO Karen Lynch recently revealed plans to close a whopping 900 stores Across the Nation the reasons behind these drastic decisions are plenty declining foot traffic a lackluster assortment of products empty shells supply chain issues and decaying store Interiors all play a role in CVS's struggles but that's not all CBS is facing another formidable challenging Rising competition as industry analysts point out the traditional format of CVS stores is becoming obsolete in the fast-changing Retail Landscape the pressure is on for CVS to prove its relevance and stay ahead in the market will this Pharmacy giant successfully reinvent itself and Thrive or will it succumb to the rising tide of competition number 10. and the last on our list is Best Buy this struggling Electronics retailer has been hanging by a thread over the past few years and quietly closing more stores each year since 2019 over 80 Best Buy locations have disappeared from the site and earlier this year the chain announced plans to close a larger number of stores the company did not reveal a total number of closings in an article media reports suggested at least 600 locations are in financial distress which is over half the Retailer's footprint in the US best by CEO Corey Barry predicted that supply chain issues Rising labor costs and continued economic challenges could lead to a major malfunctioning slowdown that could Ripple through the market she said Best Buy Executives expected the business to continue to taper but right now they're putting their best strategy forward in an attempt to keep the business alive or at least a part of it and we are done for today did you find the video informative then comment down below subscribe to Finance today and give this video a big ol like if you enjoyed it we'll be back soon with yet another informative video but until then bye bye

Channel: FINANCE TODAY

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Keywords: supply chain crisis, grocery prices, global supply chain crisis, supply chain crisis in america, 10 biggest chains in america, retail crisis, retail store shutdowns, retail store closings, retail sales, retail collapse, retail prices rising, finance, financial crisis, evergrande crisis explained, retail store closures, retail stores closing, stores in us disappearing, retirement, us economy, us economic crisis, inflation 2023, housing economy, finance today, real estate 2023

Id: h0NzQjsIcPw

Length: 9min 59sec (599 seconds)

Published: Thu Jul 27 2023