It was a tough year for many retailers. After losses from the pandemic, companies faced a host of other problems, such as supply shortages, higher costs for goods, and more competition.
Bed Bath & Beyond
In April the store filed for bankruptcy and closed its 360 stores as well as the BuyBuy BABY 120 brick and motor locations.
But in a surprise move, Overstock.com bought the well-known brand and rebranded it online as BedBathandBeyond.com.
Party City
The party is over for Party City. The popular party supply store filed for bankruptcy in January. Online competition sounded the death knell. Sad news for everyone who has made a last-minute dash to the store for some birthday balloons.
Rite Aid
The Rite Aid chain of drugstores has suffered for years. Finally, the company declared bankruptcy in October. Like Walgreens and CVS, Rite Aid had to pay out to lawsuits after accusations of filing unlawful opioid prescriptions.
SmileDirectClub
Sorry about that last retainer you expected in the mail. SmileDirectClub, a telehealth orthodontics company, closed in December after filing for Chapter 11 bankruptcy.
The company sold teeth aligners, at a fraction of the cost of a normal orthodontist but now customers are left in the middle of a treatment plan. The company is encouraging its customers to see a local dentist.
IF they can restructure, the company vows to “to continue to provide affordable and accessible oral care to its customers without disruption.”
