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  • Narrator: In the last 10 years, the retail apocalypse

  • has taken out a lot of once beloved brands.

  • Reporter: Close 53 stores this year.

  • News Anchor: Where are the teenagers shopping today?

  • Narrator: While some of these companies' futures

  • remain unclear, others are completely dead.

  • Here are 10 companies that fell in the past decade.

  • Payless was once the largest family-owned footwear chain

  • in the United States.

  • The company peaked in the 1990s,

  • selling 250 million shoes a year.

  • Its 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 $3 or less

  • when it launched in the '50s, about $25 today,

  • Payless was a bargain compared to other retailers.

  • But Payless 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,

  • Payless' sales struggled.

  • In 2017, Payless 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 $5 billion.

  • But a mix of bad leadership and competition from Netflix,

  • Redbox, and video on demand spelled the end for Blockbuster.

  • In 2010, it filed for bankruptcy with $1 billion in debt.

  • At the time, it was the last remaining

  • video rental chain in the US.

  • In 2011, Dish Network acquired

  • Blockbuster's remaining assets for about $320 million

  • 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 Dumbgood

  • released a collection of Blockbuster-themed merchandise

  • and hosted pop-up shops in Los Angeles and New York City.

  • Borders was an international book retailer

  • headquartered in Ann Arbor, Michigan.

  • A book behemoth, Borders and its Waldenbooks subsidiary

  • had locations in 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, Borders didn't have an e-reader

  • as popular as Barnes & Nobles' Nook or Amazon's Kindle

  • to keep the company alive in the digital age.

  • In 2011, Borders 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

  • purchased Borders' customer list and trademark.

  • At one point, Sports Authority

  • was the largest retailer for sporting goods in the US.

  • But as the decade continued,

  • it 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 chain

  • 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 100 stores.

  • After a successful financial restructuring,

  • the company emerged from bankruptcy in 2018.

  • But it wasn't enough.

  • A year later, Charming Charlie filed again,

  • saying it only had $6,000 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 in 2010.

  • But that year things turned sour.

  • A private equity firm bought Gymboree for $1.8 billion.

  • The new leadership quickly opened 400 stores overseas.

  • But that rapid expansion just wasn't sustainable.

  • Spread too thin, the company filed for bankruptcy

  • in June 2017 and closed 375 stores.

  • Gymboree took the chance to reorganize

  • and came out of bankruptcy in September 2017,

  • after shaving $1 billion in debt.

  • But it didn't stick.

  • Sales from The Children's Place, Gap,

  • and TJ Maxx far outpaced Gymboree's.

  • The company could no longer support

  • its "cost and capital structure."

  • In 2019, Gymboree 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,

  • A&P was the largest grocery store chain in the US

  • from 1915 to 1975.

  • A&P 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, A&P's stores were outdated

  • compared to its competitors,

  • who were 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,

  • A&P found itself with a reputation for poor customer service

  • and high operating costs.

  • And the Great Recession further tanked

  • A&P'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 $305 million

  • for its 2014 fiscal year.

  • A&P filed for bankruptcy a second time

  • and closed all of its stores.

  • Wow Air became popular after its inception in 2011

  • for offering ultra-cheap flights

  • from the US to Europe, often for less than $200.

  • In 2018, the Icelandic airline

  • employed more than 1,000 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,

  • leaving hundreds of passengers stranded.

  • CEO Skuli Mogensen confirmed that over 1,000 people

  • would be impacted.

  • Wow Air once flew in over 1/4 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 brand and retailer became a pioneer

  • in the world of luxury fashion.

  • Bendel is 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 Henri Bendel stores

  • and ending the brand to improve company profitability

  • and focus on larger brands

  • that have greater growth potential.

  • The 124-year-old brand had ceased to be relevant

  • to consumers, and it showed.

  • Despite its once iconic status,

  • Henri Bendel lost more than $45 million

  • 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' highly successful brand.

  • Commercial: Toys R Us time of year.

  • Toys R Us.

  • Narrator: Thanks to Toys R Us,

  • the toy industry's worth grew from $500 million 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 1,000 different stores.

  • But thanks to a combination of changing tastes in toys,

  • going private in 2005, a failed buyout,

  • its stores 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 retailer's already shaky sales.

  • However, the biggest factor behind its demise

  • was Toys R Us' growing debt.

  • Over the years, Toys R Us owed more and more money

  • and ended up devoting much of its resources

  • towards paying off that debt

  • until finally declaring bankruptcy in 2017.

  • At the time, Toys R Us owed more than $5 billion.

  • However, Toys R Us isn't completely gone.

  • Tru Kids Brands purchased the company's assets

  • in October 2018 and announced plans to bring back the brand.

  • In November 2019, Toys R Us opened 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.

Narrator: In the last 10 years, the retail apocalypse

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直近過去十年間で失われた十の会社(10 Companies We Lost In The Last Decade)

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    moge0072008 に公開 2021 年 09 月 10 日
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