Companies and Brands Vanishing?

Selas Rivers, Contributor

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Are your favorite Stores or Brands vanishing? Companies like: Gap, Victoria’s Secret, Abercrombie & Fitch, Payless Shoesource, JCPenney and many others are closing many of their stores. Brands like: Google+, iPhone XS, Sprint.

Gap, a major denim brand store, is expecting to close about 50 company-owned stores. Gap is planning to split its company into “two publicly traded companies,” (cnbc.com). They plan to combine one with a company named Athleta and Hill City and the other with Old Navy. It makes sense seeing that their prices were really high when they were popular, but now that it has become old times it might consider lowering those prices or come up with new ideas with the new companies they will work with.

Victoria Secret, a women’s major undergarment and fragrant store, plan to shut 53 stores due to competition against brands like Adore Me and Lively (cnbc.com). It also didn’t help that roughly each year Victoria’s Secret has had to close 15 stores due to low income. Seeing that Victoria’s Secret is known for its outdated undergarment merchandise, maybe they should also come out with new types and styles that people might like.

Abercrombie & Fitch Co., a teen apparel retailer, is planning to close about 40 stores, even after closing 29 locations just last year. Surprisingly though, they are planning to also open up additional stores to make up for the closures (cnbc.com). It doesn’t make sense how much people are willing to spend on a pair of joggers [it costs $78 at this store]. No wonder why they have to close down stores.

Payless Shoesource, an old time shoe store, filed for bankruptcy back in February. As a result, Payless has been in the process of closing all of their 2,500 stores across America. They did not expect this sudden move, but due to the heavy debt load and delays from its suppliers from recent years (cnbc.com).  Payless has been here since 1956, maybe it was just time for it to live as a legacy in time.

JCPenney, a major department store chain, is planning to close 18 department stores along with 9 home and furniture shops. They also hinted at the fact that this is going to continue in that pattern due to the massive real estate footprint (Source 2). Even through JCPenney’s massive sale events and lowering of prices, it cannot suffice to the land prices they have to pay to have a big enough building for their products. As a result, they must either raise prices or make their stores smaller.

Google+, a social network made by Google, retired back in August due to being the knockoff version of Facebook and also due to bugs in their API that would share users information on other apps (msn.com). Google’s attempt at making a social network failed miserably with many consequences in the end. They could have made a better network or maybe come up with something new.

IPhone XS, the recent release in 2019, will soon be left in the dust by their new model iPhone XR. The iPhone XR is cheaper than the iPhone XS (msn.com). Since that is the case people would lean more towards buying the cheaper and more recent phone.

Sprint, the phone company of the century, is planning to merge with T-mobile hoping to be able to compete against AT&T and Verizon with them. They will just be called T-mobile, which is kind of humble now that they won’t have a name for themselves, but at least they won’t be bankrupt (msn.com).

Sources:

https://www.msn.com/en-us/money/companies/brands-that-will-disappear-in-2019/ss-BBRhJXw#image=6

https://www.cnbc.com/2019/03/08/these-retailers-have-announced-store-closures-in-2019.html

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