Failing Brands No One Will Remember in 10 Years
New brands emerge as old brands go out of business — it’s just how the world works. As sad as you feel when the iconic stores close their doors forever, it’s often inevitable. So which are the next big brands to bite the dust? Read on to find out who’s in danger of going extinct in the next 10 years, including one failing brand that’s quickly becoming a retailer of the past (on page 10).
1. Vitamin World
They may be all about getting healthy, but this vitamin and nutrition emporium is anything but. Dwindling mall traffic is partially to blame for lackluster sales and in September 2017, they filed for Chapter 11 bankruptcy protection. A Consumerist report also found that “significant supply chain and ingredient availability disruptions” factored into the overall dismal performance.
Next: These phones used to be the best.
It wasn’t too long ago that BlackBerry dominated the cell phone market. But they failed to keep up with the speed of change and for that error, they have paid dearly in the form of decreased profits. By the middle of 2016, BlackBerry only represented 1% of the worldwide smartphone market share. In 10 years no one will remember them.
Next: These once-popular stores are closing like crazy.
This retailer is owned by Sears Holding, and both are controlled by the CEO and main shareholder, Eddie Lampert.
Revenue is down significantly, with the company reporting a loss of $558 million. Store closures abound and pharmacies are shutting down even in stores that stay open. Fewer people are shopping in stores and more are heading online. However, another issue is the competition. Discount retailers like Marshall’s and Ross are stealing former Kmart customers. It won’t be a surprise when Kmart shuts their doors for good.
Next: People just don’t wear this stuff anymore.
4. Men’s Wearhouse
The parent company of Men’s Wearhouse, Tailored Brands, attempted to save the company by purchasing men’s clothing store Jos. A Banks in 2014 for $1.4 billion. It was a bold move — and it could be the key to their undoing. The expensive purchase isn’t paying off the way they want it to and now they’re suffering under the financial burden.
Plummeting foot traffic and a dip in sales thanks to changing consumer tastes means Men’s Warehouse is probably on the way out.
Next: Millenials aren’t digging this brand.
5. Harley Davidson
Studies — and sales numbers — show that millennials have little interest in the motorcycles that their grandparents loved. One analyst predicted that sales will go negative in 2018 and stay that way for at least the next five years if things don’t change. It wouldn’t be too surprising if the brand disappeared in the next 10 years.
Next: You won’t believe that this huge beverage brand is failing.
6. Diet Pepsi
Soda sales are in a serious slump — but it’s Diet Pepsi, in particular, that’s in real danger of going away for good. Diet Pepsi reported a 9.2% decline in sales last year (Diet Coke had a 4.3% drop). Go ahead and blame the health movement for this one — artificial sweeteners like aspartame are publicly reviled, and consumers are moving toward more natural products like naturally flavored carbonated water drinks.
Next: An acquisition means the end of this brand.
This huge healthcare company may not be going away exactly, but since they became part of CVS Health they won’t exist as a separate brand anymore. CVS bought them in a strategic customer acquisition ploy as they prepare to partner with Amazon on their new retail pharmacy endeavor.
Aetna is the nation’s third-biggest health insurer with close to 47 million customers. They reported third-quarter 2017 revenue of $15 billion and net income of $838 million. Even though the company, which dates back to 1853, won’t operate independently, stockholders like CEO Mark Bertolini are poised to make millions when the deal goes through.
Next: This type of store is officially dead.
8. Toys R Us
An entire generation of children won’t know what it’s like to be a Toys R Us kid. The nation’s largest and most famous toy store filed for Chapter 11 bankruptcy in November 2017 and announced that they were officially going out of business in March 2018. The company had too much debt and couldn’t compete with low prices from rival stores like Walmart and Amazon.
Next: This car company is struggling.
They may be popular in Italy, but in the U.S. the Fiat brand just doesn’t have the same pull. Fiat Chrysler sales were down 28% last November compared to the last year. Part of the problem: poor reviews. Consumer Reports named the Fiat 500 one of the least reliable cars on the market. It may continue to flourish overseas, but don’t be shocked when the brand disappears from North America for good in the next 10 years.
Next: This store has failed to keep up with the times.
One store that’s performing even worse than Kmart? Sears. Same-store sales fell a whopping 17% in Q3 2017. Sears is plagued by the same problems other brick-and-mortar retailers are suffering — less foot traffic and tough price competition from online stores. However, they’ve also been criticized for their failure to adapt to changing customer interests. The stores look dated, and modern customers just aren’t impressed.
Next: Any stores in malls — like this one — aren’t getting a lot of traction.
11. Payless ShoeSource
Discount shoe stores have been suffering for years thanks to stiff competition from online retailers and other low-price retailers like Walmart and Ross. Payless filed for Chapter 11 bankruptcy protection in 2017 and closed 673 stores to try to keep the chain alive. Failing shopping malls is another part of the problem since so many Payless stores live there.
Next: This restaurant isn’t doing so well.
It’s no secret that millennials have no love for chain restaurants, and Applebee’s in particular is feeling the brunt of their scorn. One report found that parent company DineEquity could close as many as 135 Applebee’s restaurants this year and the whole chain could be gone in the next 10 years.
Next: This lunch spot used to be doing so well… until they weren’t.
13. Quiznos Subs
It was once the fastest growing sandwich chain in the nation, but now Quiznos is nowhere near as popular. Stiff competition from competitors like Firehouse Subs and Jimmy John’s has forced the upscale sub shop to reduce their number of stores from 5,000 stores to 690. Soon they’ll all be gone.
Next: This brand was partially to blame for its own demise.
Part of the problem is that they’re TOO good — all you need is one pair of Crocs to last you forever. Plus, knockoffs are common, and cheaper, appealing to a broader demographic. Crocs will close 160 store locations this year and it wouldn’t be too shocking to find them totally out of business in the next 10 years.
Next: None of these restaurants will survive the next decade.
15. Bloomin’ Brands
This company owns well-known chain restaurants Outback Steakhouse, Carrabba’s Italian Grill, and Bonefish Grill. Their profit in 2016 was $41.7 million, which doesn’t sound so bad until you compare it to the previous year’s $127.3 million. They closed 43 restaurants in 2017.
Next: Scandal rocked this company.
16. The Weinstein Company
The company may be responsible for mega blockbuster films such as Spy Kids, Django Unchained, The King’s Speech, Scary Movie 5, and so many others. But those movies aren’t enough to let this company rise above the bad reputation of its namesake.
Harvey Weinstein was one of the first high-profile Hollywood players accused of multiple sexual harassment incidents. The allegations against Weinstein spurred an extraordinary ripple effect that led to victims speaking out against other prominent actors, managers, musicians, and TV personalities. Now the company will probably be quietly divided up and dispersed while Weinstein faces the consequences of his actions in court.
Next: This shoe company has seriously declined in popularity.
17. Nine West
This formerly popular shoe store isn’t nearly as cool as it used to be. With significant debt and decreasing sales numbers, it won’t be surprising if Nine West goes the way of the dinosaurs in the next decade.
Next: This retailer just filed for bankruptcy.
This teen-focused fashion chain filed for Chapter 11 bankruptcy in 2017. They’re still making money — for now — but if malls continue to decline in popularity, there’s a good chance this store will wind up like Delia’s and close their doors for good.
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