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Companies Going Out of Business in 2019

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Have we been long overdue for a retail apocalypse? How long is gonna be until amazon takes your job? Not every company out there was meant to be around forever and the US has had a surplus of retail stores and restaurants for decades now. It was only a matter of time before they went bankrupt or closed up shops.

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7. Payless
Payless is closing stores likely because they couldn’t keep up with their name, which promises that customers will payless. Payless closes all their stores in Canada and the US due to low sales. In February of 2019, they decided to liquidize all their assets and over 2400 people in canada alone lost their jobs. Just 2 years ago in the US, over 400 shops were closed and the company went under creditor protection. In April of 2017, they filed for chapter 11 bankruptcy which is never a good sign for things to come. While many would like to point the blame on amazon on this one, the most obvious reason would be that there were just way too many stores. Lots of money gets involved with keeping shoes in stock in different sizes, for kids and for women too. Rent and labor don’t make things any cheaper. Customers were paying less but at the same time, the quality wasn’t all that great in the first place.

6. Tesla Stores
Tesla is still a relatively new company but they are quick to notice the trend of online shopping and started closing stores in March of 2019. CEO Elon Musk said that tesla was launching a review of its sales and marketing effort and will start closing stores just a couple months ago. This kind of makes it a little bit difficult to get a test drive going and some things aren’t really meant to be sold online. It makes it more difficult to buy an automobile that’s already 35,000 dollars and makes it difficult for older people who aren’t internet savvy to acquire one. After 100’s of stores were closed, many are questioning this decision

5. Guitar Center
If you’re looking to get your hands on an electric guitar, you better do it soon because guitar center is closing up shop! Their website is offering clearance sales and massive warehouse markdowns. Many things are marked 100’s of dollars below their normal price, as the company prepares to liquidize all their assets. While playing an instrument is often considered to be an encouraged thing to do, many still kind of consider it to be a luxury that’s out of their price range. You’re lucky if you can find an ukulele for under 100 bucks here. They probably have more guitars on stock than people who actually play the guitar exist.

4. GNC
While maintaining a healthy diet is always important, many people don’t always see it that way and GNC’s and places like it such as vitamin shopare going out of business. Where are people ever going to find their whey protein!? Supplements are pretty easy thing to order online and you probably can’t sample anything there anyways. Manyp people don’t even really feel like their supplements work anyway. Other supplements that actually did work were banned by the FDA and they never really seemed to offer anything that was cutting edge or revolutionary that people were looking for. Vitamins are likely another marketing scam that earns over 122 billion a year. There’s not even any evidence that supports vitamin C will help you with your cold so good riddance!

3. Home Depot
Home depot announced around the end of 2018 that they would be closing down 47 locations in north america. With a similar trend in marriage, home ownership has taken a plunge in recent times as we can tell from this graph and it only seems like it’s getting worse. That means that retail stores like home depot and lowes are going to suffer as a result. People don’t need to make repairs to homes they don’t own. Experts feel as though it might become a buyers market in the year 2020 but only by a little bit. While many millennials are already struggling from student debt, many are reluctant to buy into the similar concept of getting a mortgage.

2. Macy’s
Just like many shops you might find at the shopping malls across america, Macy’s has announced that they were closing some locations down for good. In the early part of 2019, Macy’s closed down 8 shops as a part of 2 year planned closure process. They stated as far back as 2016 that they would close down at least 100 shops as more and more will continue to close down this year. They former retail giant had to cut over 5000 jobs as they’re going for a more online approach. Many are once again blaming amazon for the shop closures since you can typically buy everything they sell online but could that be the only reason? Some point the blame on their prices, competition from kohl’s and walmart as well as an overall poor shopping experience. Don’t people like trying things on before they buy them, oh yeah apparently amazon lets you do that now too.

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