Bankrupted stores in the United States
As every business tries as much as possible to put their companies in good shape, some close down because of certain factors like their inability to meet up with their financial obligations. There are lots of stores in the United States that experience this kind of situations too, mainly because they run bankruptcy, which is why some companies like TJX try their best to maintain their reputation. We want to look at some companies in the United States, how they manage themselves and ended bankruptcy.
Payless shoe store
Those days when the company was in great form. Every American dream of going there to buy any shoes of their choice, most notably for the fact that foot wears are cheap there. Over time they had a lot of challenges when companies like TJX came into competition with them, and they decided to close down not less than 2,100 stores across the United States of America.
They put their business at risk by playing a game of retail dodge ball. They lost the game and were only able to come out of bankruptcy in the year 2017. In January 2019, they filed again and eventually announced that they were going to shut down their business of not less than eight stores across America. They competed with great American companies like Amazon, Walmart, target and the children’s place. They lost as they could not compete with these giants and decided to shut down.
After they have survived and created employment to the people of America for not less than sixty years, they decided to bring their business to an end. They have other brands that include Ann Taylor, Loft and justice. If you look very well, you will see that they have their logos almost everywhere, but their customers shop for their goods online. Their problem erupted when they sold their Maurice’s chain, and that affected their business a lot, thereby leading to an end to their business.
Here is another company who is looking to shut down its business by the end of 2019. While they are still in existence, they have not less than five hundred and sixty discount stores and pharmacies at the start of their business. Unfortunately, things went wrong, and they filed that they will be shutting down all their locations in the southeast and Midwest and their hope of becoming a giant drug store slipped away as their plans went against them.
Among all the companies that have stood the test of time, particularly in the United States, TJX is not an exception. They knew what is likely going to happen, and they put strategies together so they could overcome their challenges.