BELOW SUPERNAV drop zone ⇩

These major retailers went out of business in 2023

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

(KTLA) – This year was rough for many established retailers that struggled to emerge from the pandemic or were impacted by other economic factors, such as high mortgage rates. Here are some that closed for good in 2023.

Bed Bath & Beyond

Bed Bath & Beyond, once a go-to for all imaginable home accessories, filed for bankruptcy in April and promptly closed all 896 of its brick-and-mortar stores nationwide, including its Buy Buy Baby brand. Now under new ownership, Bed Bath & Beyond still serves customers through its relaunched website.

Tuesday Morning

Tuesday Morning, a discount home retailer that once had 700 locations in the U.S., filed for bankruptcy in February and eventually closed all stores.

Z Gallerie

California-based Z Gallerie announced in early November that it, too, was closing all stores and going online only. The home décor and furniture retailer once had 54 locations.

Christmas Tree Shops

Christmas Tree Shops once had 72 stores nationwide specializing in home furnishing and holiday-themed decor. It went bankrupt in May and closed up shop in August.

Shoe City

Shoe City went belly up in May after filing for Chapter 11 protection. The Baltimore-based footwear chain had been in business for 74 years.

Other large retailers, including Foot Locker, Bath & Body Works, Gap, Banana Republic, Party City, Target and Walmart, along with pharmacy chains CVS, Walgreens and Rite Aid also shuttered hundreds of U.S. locations.

NewsNation affiliate KTLA consumer reporter David Lazarus says many big box stores continue to struggle with adapting to the times.

“Store closures since the pandemic reflect the ongoing impact of e-commerce on brick-and-mortar retailers,” says Lazarus. “As consumers grow increasingly comfortable buying things online, the overhead of a physical store becomes a liability for merchants trying to compete with lower digital prices.”

The elephant in the room, Lazarus says, is of course Amazon.

“The retailers facing the most trouble, such as Bed Bath & Beyond, are the ones specializing in goods you don’t need to try on before buying. They’re now living in Amazon’s world, and Amazon can sell almost anything for less.”

Another venerable retailer, Macy’s, has been closing stores for several years as part of its restructuring plan. Now, an investor group has reportedly made a $5.8 billion offer to take the company private.

“The plan, if the deal goes through, is to take the company off the stock market and to seek economies of scale and efficiencies that make it more competitive online,” Lazarus says. “Going forward, brick-and-mortar retailers will keep scrambling to negotiate lower rents and seek other ways to cut costs. Or they’ll go private so they don’t have investors breathing down their necks. That’s apparently the plan with Macy’s.”

Business

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Fair

la

56°F Fair Feels like 56°
Wind
0 mph N
Humidity
41%
Sunrise
Sunset

Tonight

A few passing clouds. Low 46F. Winds light and variable.
46°F A few passing clouds. Low 46F. Winds light and variable.
Wind
2 mph N
Precip
9%
Sunset
Moon Phase
Waning Gibbous