Bed Bath & Beyond
Bed Bath & Beyond has been around since the 1970s and is one of the most popular retail stores. There is a Bed Bath & Beyond in almost every shopping center, but in 2021, the company closed down over 200 stores that were not performing too well.
The company also announced that they were closing down another 43 stores this year and plan to do more in the future so that they can save the company from going under. Bed Bath & Beyond still generates a lot of sales but now that things are getting more expensive, people are not buying as much.
Express
Express clothing stores have been around since 1980 and were founded in Chicago, Illinois. The fashion retailer supplied people with the latest fashion trends during the 1980s, which led to several locations being opened around the country.
Express got so big that it expanded to countries such as Mexico, Costa Rica, and Panama.
The company was doing well for a while until it faced financial troubles in recent years. Express has already closed down close to 100 stores this year and is set to close down the remaining ones next year as they are looking to liquidate the company.
Office Depot
Office Depot was founded during the 1980s and became one of the most popular office supply stores in America. The biggest competitor, Staples, is in much better shape now than Office Depot, as they have already closed down several stores across the country and are set to close down more.
The company also announced that it would be laying off around 13,000 employees by 2023 and has plans to ditch the retail market and become an IT services provider.
Who knows if Office Depot will last, but it is one more store on this list.
Stein Mart
Stein Mart is another retail clothing store that was affected by the pandemic. Stein Mart was founded in the early 1900s and was one of the most popular retail clothing stores at one point in time.
Things are quite different for Stein Mart now, as the pandemic led to several stores closing down across the nation.
The company eventually filed for bankruptcy and recently announced that it would be closing down all of its stores. It is sad to see so many old companies go because of recent events, but that is how the market works.
Walgreens
Walgreens has been around since 1901 and was founded in Chicago, Illinois. Walgreens is considered to be the second-largest pharmacy store in the nation but has recently been through some tough financial times.
Walgreens has already closed down over 200 stores as they have seen a decrease in sales ever since the pandemic, and now that the economy doesn’t look good, it has decided to close down even more stores this year.
Walgreens operates in several countries worldwide and has announced that it will be closing a number of them down.
Men's Warehouse
Men’s Warehouse, which is owned by Tailored Brands, has been around since the 1970s but has recently found itself in a pickle as it has resorted to closing down many stores around the country.
The company announced that it would be closing up to 500 stores within the next couple of years as it is unable to support them all.
The pandemic was one of the main reasons why Tailored Brands had to take action and start closing down stores as it was not able to survive.
The economy was the other reason that forced Tailored Brands to rethink its strategy.