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Epic Economist, 5/14/24
"15 Retailers Going Out Of Business In 2024"
"The American retail landscape isn't the same as it was just a few years ago. Businesses that used to be a synonym of success are dying at a pace that is simply astonishing. Brands that used to have thousands of stores across the U.S. are going out of business after struggling for years. Many of them have done everything they could to prevent this from happening, or at least, delay their disappearance. But the economic decline gripping our nation has been unforgiving.
Over the past few years, we've lost more purchasing power than at any other point since the 1970s. We've seen the income gap get wider, with many middle-class Americans falling into the cracks and straight into poverty. The soaring cost of living has made it almost impossible for average U.S. households to save for their future. People are being very careful about their spending because, with each passing month, the cost of bare necessities like rent, food, and gas is getting higher.
That's why seeing boarded up storefronts has become the new normal. In this environment, American retailers are literally fighting for their survival. Now, they are taking every step to streamline their operations and cut costs. That includes reducing their store count even further in order to improve profitability and save their businesses from bankruptcy.
Although for some of them that's too little, too late, others are acting fast before conditions deteriorate any further. If you have a favorite brand or store, make sure to visit it while you can, because the truth is that it might not be there a few months from now. Today, we listed 15 big retailers that announced mass store closings or are going out of business in 2024. Without further ado, let's check out this list."
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