Five Companies that Disappeared in the Last Decade | Peter Hong
Five Companies that Disappeared in the Last Decade
By Peter Hong
In the past decade, many once beloved companies have unfortunately run out of business due to a multitude of reasons. While the futures of a handful of large corporations have yet to be determined, many companies have already filed for bankruptcy and closed stores nationally. Whether it was due to an increase of competition in the economy, a lack of popularity regarding consumer interest of the brand, or unstable leadership, here are five companies that unfortunately fell to their demise in the last decade.
At its height in 2004, the Blockbuster Video company employed tens of thousands of people. The movie rental phenomenon was worth approximately five billion dollars, but due to poor leadership and an increase in the amount of competitor streaming services such as Netflix, the company filed for Chapter 11 bankruptcy due to increased losses in 2010. In the following year, Dish Network acquired Blockbuster’s remaining assets, but later began closing these stores once more due to the overall lack of success. However, if you truly crave the feeling of browsing the large video shelves once more, there is still one more store remaining in Bend, Oregon.
Borders was a famed book and music retailer based in Ann Arbor, Michigan. At its height, you could almost always find at least one Borders store in airports, local shopping plazas, or malls. Sadly, however, this company made a critical decision to prioritize their retail stores over their online aspect of the business, which resulted in less and less popularity over the years. Increased competition from Barnes and Nobles and Amazon also played a key factor in the decline of the Borders Group as well. In 2011, Borders filed for bankruptcy and began closing its stores.
Toys “R” Us
Once a child’s dream destination for toy shopping, Toys “R” Us dominated a quarter of the global toy market at its peak. This toy paradise sold over 18,000 different types of toys in thousands of retail stores nationwide. But with all popular trends, they must come to an end at some point in time. Due to a failed buyout, outdated stores, and other competing online e-commerce presence, the company filed for bankruptcy in 2017, which left many young children unhappy.
At its peak, Sports Authority was once the go to place when it came down to purchasing a new pair of soccer cleats for the upcoming soccer season or a luxurious tent for the outdoors. Unfortunately, as time progressed, the company could not compete with all of the other major sports retailers such as Dicks Sporting Goods and Amazon. In early March of 2016, Sports Authority filed for bankruptcy and closed all of the remaining stores nationwide.
A & P
A & P was once the most popular grocery chain in the United States. By purchasing large amounts of inventory from manufacturers, the grocery store company was able to sell their products for much lower as opposed to the higher costs at the typical market. After failing to keep up with new technological features and trends that other competing stores had, A & P developed an outdated presence. In December of 2010, the company filed for Chapter 11 bankruptcy, but managed to achieve minor success in the upcoming years. However, in 2014, the company experienced a decline in sales once more, and officially filed for bankruptcy once more, this time closing down all of their remaining stores.