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Companies Going Out Of Business - Store Closings And Rumors

By Edited Nov 13, 2013 3 4

Unfortunately there are tons of companies going out of business, with some only closing a few stores, and others closing up all their stores. With the poor economy taking consumer spending to lower depths, the trend of shops closing will continue. This list is not intended to be taken as complete, and will likely grow over time. Let's look at some of the companies going out of business or closing up some stores. You may even be able to take advantage of some great sales.

Actual store closings:




While there are tons of local and regional companies going out of business, only a small handful of national, and large regional sellers have gone belly up. Perhaps those that are national are able to handle the recession a little better, and rely on a few high performance stores to get by. Here are some companies going out of business, along with several that are simply shutting down locations and scaling back.

Wickes furniture: Not really a shock here, since many furniture stores are having trouble staying afloat. This company is going out of business. There may still be a few open to sell off inventory with some huge sales, but it's pretty unlikely.  You can save big at furniture shops closing.

Levitz: They are closing the rest of their stores up for good. It's one of the many companies going out of business altogether, not just closing up a few stores. Slumping sales are the biggest culprit in these store closings.

Toys R Us: Companies going out of business are often very specialized, perhaps falling prey to department stores, like Wal-Mart. KB and Toys R Us are both locking the doors on several locations. This is really not a shock to many. If you see one in the process of closing, try to take advantage of the sales.

Office Depot: A list of companies going out of business should include Office Depot, since they are closing several stores. This doesn't mean you won't find an Office Depot anymore, it just means there will be less of them out there, since they are scaling back and closing up some underperforming locations.

Macy's: Tough times have fallen on Macy's, just like many other large retailers. When looking at companies going out of business, like Macy's, it's important to realize they will still be around, just with fewer locations. Since this store sells slightly higher end merchandise, they are having trouble staying afloat. This is common with many other similar companies going out of business.

GAP: Gap companies aren't going out of business entirely, but they are closing up several of their stores. There's a good chance your local Gap store will close up this year, unless it's one of the better performing locations. You may be able to find great sales at these locations.

Home Depot: Since there is much less money to be spent out there, many homeowners are holding off on unnecessary repairs and remodels. As a result, home improvement companies are going out of business. While Home Depot's financially position is still okay, they are scaling back. This giant should survive the recession and then start opening up new stores again.

In your local area:




Mall stores: It seems that even the nicest mall stores are having trouble surviving. You can find many companies going out of business by simply walking through your local mall. It's quite sad actually, since many people working for these places will have to find new jobs. Since the malls are failing, the stores in them are, too. It only makes sense.

Mom and pop/main street: Main street stores, which are often mom and pop shops, are among the many companies going out of business these days. You could take a quick drive or walk down your local main street and find many stores closing, closed, or on the verge of sinking to the bottom.

Restaurants: Many of us are eating out less and those that are still eating out, are doing it less often, or are changing the way the order. This is really impacting sales at many restaurants. A list of companies going out of business in your area will likely include several restaurants, especially those that are not very cheap, or in areas hit the hardest by the recession.

Anything travel oriented: Car rentals, travel agencies, and just about anything else related to travel are having a tough time with sales these days. You will most likely have some casualties in your area.  

Rumored closings:




Kmart: For at least 15 years I've heard and read countless stories of how this company is going out of business. While they may close down a few stores, and perhaps file bankruptcy to restructure....again. This doesn't mean all the stores will go under and close up. Kmart has been popular with wild rumors for quite some time now, and they do close up stores from time to time, but they are still around and kicking. Kmart, despite the rumors, is not one of the companies going out of business entirely, although they will continue to close stores.

Chrysler: Whenever someone looks at rumors of companies going out of business, Chrysler seems to be on the list. Perhaps this is from a second bailout effort, just a few decades removed from the last one. Since they have needed saving twice, it seems they are the topic of many rumors involving companies going out of business.

Virtually any airline: Airlines are always among the hot rumored companies going out of business. Many of them have gone under over the years, but only a few have actually shut down completely. While many are holding on, it's safe to say layoffs and wage cuts will continue for those working with the airlines.

Any seller or service provider that files bankruptcy: Many companies going out of business file bankruptcy, but some that file, are trying to stay afloat. There are ways to restructure debt with bankruptcy, so filing alone should not be taken as an indication all the stores will close up shop.


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Jan 21, 2010 3:34am
JC many mom and pops have long since closed down here. Our town sadly looks like a ghost town right now. I hope that things will pick up soon. This is a great list and will give people a resource to look for closings in their areas. Thumbs Up!
Jan 21, 2010 10:00am
Gee is terrible how they can be booming one minute and gone the next. What annoys me is how people have closing down sales every year and they still operate, they do not close at all. False trading practices in my opinion. Good article
Jan 21, 2010 12:24pm
Just as bad in the UK. It is frightening and terrible for all concerned. Some stores will end up with a monopoly
Jul 10, 2010 10:29am
Yahoo ran a story about major brands/businesses that will more than likely fail in the upcoming months....

Blockbuster was one of them...sad
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