This Beloved Store From Your Childhood Is Closing 200 Locations
"Recent events have caused us to make some tough business decisions," the company announced.
Another once-popular chain is being forced to downsize amid the coronavirus pandemic. Illinois-based video rental chain Family Video has announced its decision to close 200 of its stores, the Times of Northwest Indiana reports. "You may have heard that we're closing select locations…it's true. We've enjoyed serving so many communities over the years, but recent events have caused us to make some tough business decision[s]," the company said in a statement.
Despite the closures, 300 Family Video locations will remain open throughout the Midwest and South.
The chain, which opened its first location in Springfield, Illinois in 1978, has managed to buck the trend of video chains going under with a unique business model. Unlike former competitors like Blockbuster, Family Video owns all of the buildings it operates from, COO Keith Hoogland told the Indy Star in 2015. "We're in the real estate business," he said.
Family Video isn't the only brand that's been forced to make some major changes since COVID hit. Read on to discover which other beloved businesses are shuttering amid the pandemic. And for more entertainment closures, This Major Movie Theater Chain Just Announced It's Closing All Locations.
Bed Bath & Beyond
Housewares giant Bed Bath & Beyond is making some major changes to stay afloat amid coronavirus. According to a July report from USA Today, the company plans to shutter 200 stores over the next two years.
"The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital," said Bed Bath & Beyond president and CEO Mark Tritton in a statement. And for more store closing news, This Beloved 200-Year-Old Shoe Company Could Be Disappearing.
Home goods store Pier 1 filed for bankruptcy in May. Many of the chain's stores across the U.S. have already closed for good, and the brand is currently in the process of shuttering its remaining locations by the end of October. That's not the only way your local mall may change, however: This Beloved Home Store Is Closing More Than Half of Its Locations.
Discount retailer Stein Mart announced its bankruptcy filing in August, making haste to offload its remaining assets. Just a month after filing for bankruptcy, A&G Real Estate Partners had made all of the chain's 280 storefronts available for lease by new tenants. And for more news delivered directly to your inbox, sign up for our daily newsletter.
Iconic discount department store Century 21 announced on Sept. 10 that it would be shuttering all 13 of its locations in New York, New Jersey, and Pennsylvania. Century 21 went out with guns blazing, with the brand's co-CEO Raymond Gindi announcing that the company's insurers had "turned their backs on us at this most critical time," claiming that "we would have been able to save thousands of jobs and weather the storm" had the company received an adequate insurance payout.
Lord & Taylor
Department store Lord & Taylor is yet another casualty of the coronavirus-related economic downturn. On Aug. 27, Lord & Taylor filed for Chapter 11 bankruptcy and announced that it will be closing all of its retail locations.
"We believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize value of inventory for the estate while pursuing options for the Company's brands," Lord & Taylor's chief restructuring officer, Ed Kremer, said in a statement.