10 businesses that closed or filed for bankruptcy due to COVID-19. 

By Jyair Fields
November 29, 2020

Due to the COVID-19 pandemic many restaurants or stores had to close because of lack of income. During quarantine people found other ways to use time and spend money such as online shopping, ordering take-out or just spending more time at home. It caused many businesses to lose money and eventually close. Here are 10 businesses that closed due to coronavirus.  

“COVID has affected many businesses,” Bruce Bryde, business management adjunct, said. “From small businesses to large due to the fact that people can’t be there in person for shopping. People have been doing more online shopping which is slowing these companies down and not making good profit.”

“JCPenney Mall Entrance Ashtabula” by Nicholas Eckhart is licensed under CC BY-NC-SA 2.0

JCPenney 

With the rise of retailers like Amazon, Walmart, Target and off-price retailers like T.J. Maxx, it is a battle for department stores like JCPenney to stay open. Earlier in the year the retailer already put a dozen of its stores out of business due to the harsh holiday shopping season. JCPenney officially filed for bankruptcy protection in mid-May and stated that it would permanently close 242 of its stores. 192 of them in 2020 and 50 the following year. The CEO said that they are dealing with many challenges because of COVID-19.  

Lord & Taylor 

Lord & Taylor has been around since 1826. Lord & Taylor was known for advertising their cloaks, shawls, mourning attire, laces and embroideries.  Its retailer had already been falling off and closed its New York City flagship store in 2019. Le Tote, which is a clothing rental service, bought Lord & Taylor thinking it could breathe new life into the brand. That was before COVID-19 and once that hit it forced stores to lock down for weeks. After that the retailer had trouble coming back and had to file for bankruptcy in the beginning of August.  

Pier 1 Imports 

Pier 1 Imports are known for their scented candles, silk pillows, papasan chairs, and other furnishings. The company was not planning on closing this year, but the company announced that its filing for bankruptcy at the beginning of the year. Nearly half of it, more than 900 stores will be shut down. COVID-19 has very greatly impacted the retail business. With online furnishing retailers such as Wayfair, it has made sales plummet for places like Pier 1 Imports.  

“Forever 21” by JeepersMedia is licensed under CC BY 2.0

Forever 21 

Forever 21 is known for its low-price clothing that is constantly changing the follow the current fashion trends. It is a popular spot for teens to go to get the clothes they want for a price they can afford. It became known that Forever 21’s disposable clothing may not be good for the planet, which had young shoppers questioning them. Due to this, it had been forced to file for bankruptcy and nearly 350 stores worldwide closed. 

 “Forever 21 is one of my favorite stores to shop at,” Casey Scheuren, a senior marketing major, said. The prices are great, and the clothes are cute. I would be so sad if my local Forever 21 closed. 

Macys 

Macys is an American department store chain founded in 1858 which sells apparel, housewares, jewelry, and beauty supplies. Macy’s, Inc. operates roughly 850 stores in 44 states, D.C., Guam and Puerto Rico under the nameplates Macy’s, Bloomingdale’s, Bluemercury and STORY. Macys is a very well-known department store across the country but unfortunately had to make the announcement that its are going to close 125 stores. It will be closing stores in various struggling malls and try to focus on the healthy parts of its business.  

Boot & Saddle 

Reopened in 2013, Boot & Saddle is an indie-rock concert venue, bar and restaurant located in South Philly. The place has been shut down for the past eight months due to coronavirus. Since the live music business was put to a halt in March, Boot & Saddle will be closing. The owners cannot pay the rent or bills because there is no money being made or ticket sales in the past eight months as well as having to refund thousands of customers from cancelled shows.  

“Mad River Bar & Grille” by raymondclarkeimages is licensed under CC BY-NC 2.0

 

Mad River Bar 

Mad River Bar and Grille opened in 2008 on Main Street in Manayunk and quickly became Philly’s favorite place to meet up with friends and meet new friends. Due to the coronavirus pandemic, Mad River had to close for good even after restrictions were lifted. The owners stated that they were not able to make it through the mess.  

This placed a lot of devastation to local fans of the bar,” Jessica Redding, a senior biology major, said. “I am genuinely upset. Mad River had the best music, crowd and happy hour.”  

Modell’s 

Modell’s Sporting Goods is America’s oldest, family-owned and operated retailer of sporting goods, athletic footwear, active apparel and more. Modell’s is a very well-known store in the city of New York. But those are closing now as well as other stores in the East Coast. Earlier in the year, Modell’s was planning on closing 24 of its stores but soon after it was announced that they were filing for bankruptcy and had to close all stores.  

Snap Pizza

Snap pizza is a restaurant that uses fresh and quality ingredients in their food. The restaurant sells different types of signature pizzas, salads, and grain bowls. Due to the colder weather and continuing issues with the coronavirus pandemic, Snap Pizza had to close.  

Their plan is to hopefully reopen in the spring and come back even better,” Lexi Edwards, senior human Resources major, said.“I am sad that COVID-19 has taken away such great businesses and employees’ jobs.” 

New York & Company 

New York & Company was found more than 100 years ago. It is known for its collaborations with celebrities. New York & Company was already going downhill, with having a struggling holiday shopping season in 2019. It was indicated that most shoppers were spending more time shopping on the website then visiting the stores. Due to this, the retailer announced that it would close more than 25 of their shops.  

Jyair Fields

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