It’s been called the “retail apocalypse.” Seems like every day there’s another news article about a once-thriving business closing multiple locations in an attempt to stay alive. (Hint: That doesn’t always work.)
Some of these companies are victims of the e-commerce age: Why drive somewhere and maybe pay to park when you can stay home and order online instead? Or they’re facing too much competition from similar retailers chasing the same consumer dollars.
Still others fall prey to changing tastes: What worked for the baby boomers, or even for Gen X, won’t appeal to millennials and Generation Z.
Some of the companies currently circling the drain may surprise you — including a brand that defines soup and a popular social media service.