Pan American World Airways, Standard Oil, F.W. Woolworth, and Circuit City were once giants of American business. Today these companies exist only in people’s memories. Changing consumer tastes, evolving technology, corporate complacency, and bad business decisions ended these iconic brands.
The collapse of quintessential companies may seem abrupt to a casual observer. But plummeting revenue, leadership changes, and sudden layoffs can predict companies’ deaths. Of course, some step back from the ledge. Apple and IBM both made impressive turnarounds. Yet for every success story, many companies can’t get off life support. These 18 companies, including a famous jewelry store and a family-friendly restaurant, are among the walking dead.
1. Bloomin’ Brands
Earlier this year, the owner of Outback Steakhouse, Carrabba’s Italian Grill, and Bonefish Grill announced it was closing 43 of its 1,500 restaurants. The three chains all experienced negative 2016 sales and hoped for a better 2017, but things don’t look good. To compete with fast-casual chains and delivery services, Bloomin’ Brands re-evaluated its strategy for 2017, reducing promotions, enhancing delivery services, and renovating existing locations. Sadly, shares still dropped 8% further in July.
Next: This historic department store can’t compete with online sales.