Business Bankruptcies 2021
2 min read
Many retail giants have been struggling for years to keep up with the ever-advancing technology of e-commerce. Over the past year, Brick-and-mortar stores were hit harder than ever as the pandemic forced them to close their doors, limit capacity, or move their business online.
Several businesses filed for bankruptcy due to complications with paying back debts. If these businesses cannot adjust their finances, they risk going out of business for good.
We have compiled a list of businesses that filed for bankruptcy, and found businesses with similar product types, business models, and price points that can act as substitutes for these stores.
Here is a compiled list of businesses that have already filed for bankruptcy over the past year:
- J. Crew- J. Crew is known for its preppy style and clientele. GAP and Polo Ralph Lauren have very similar product lines that target a preppy and classy market.
- Gold’s Gym- Gold’s Gym is a private fitness center that filed for bankruptcy. Anytime fitness is an alternative to Gold’s Gym, and they are open 24/7
- Neiman Marcus- Neiman Marcus is an upscale department store. Alternatives include Nordstrom and Macy’s.
- JCPenney- JCPenney is also a department store with more affordable prices. Alternatives include Kohl’s and Macy’s.
- Pier 1 Imports- Pier 1 Imports was known for selling home décor. Similar brands include Home Goods, Pottery Barn, and Kirkland’s.
- Tuesday Morning- Tuesday Morning is a discount home goods store. Home Goods has very similar merchandise and prices.
- GNC- GNC specializes in health and nutrition related merchandise. Many of GNC’s competitors can be found online, especially on Amazon.
- Sur La Table- Sur La Table was a high-end kitchenware store. Alternatives include Williams Sonoma and Le Creuset.
- Guitar Center- Guitar Center was the epicenter for all your guitar needs. Guitar Center gets their merchandise from various different guitar brands. It would be easiest to go straight to the manufacture’s website like Fender, or go to small, family-owned music shops in your community.
This list is already long, and unfortunately, it may not end there. National Law Review reports that they are on the lookout for businesses that could file for bankruptcy during the first half of 2021. Some of these businesses include AMC, LA Fitness, Francesca’s, Bed Bath & Beyond, Party City, GameStop, Dave & Buster’s, The Children’s Place, Build-A-Bear Workshop, Office Depot, Barnes and Noble, Mattress Firm, Chicos, and Burlington Stores. (View the complete list here).
Be on the lookout for frequent sales from these stores as they may be trying to push out as much merchandise as they can before closing. Your support may be enough to keep these companies in business for years to come.
Are you disappointed or surprised to see one of your favorite businesses listed above? If so, leave us a comment with thoughts.
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