Every business owner knows that everything can change on a dime, regardless of how big the brand is. Over the past few years, online shopping and other factors have had a huge impact on how companies with brick-and-mortar stores operate. Some have flourished, while others have struggled to stay afloat. As we move into 2023, we’ve had to say goodbye to some long-standing companies that simply aren’t making the same money that they once used to.
Profitability for big names like Home Depot or Bed, Bath & Beyond is no longer an exact science, with marketing strategies and expansion plans falling flat. Some brands are choosing to file for bankruptcy in a desperate attempt to recover, while others are closing multiple locations in a bid to minimize their losses. Meanwhile, multiple companies are all out of options, with no choice but to close their doors forever.