Bertucci’s
This Boston-based Italian restaurant filed for Chapter 11 bankruptcy in April 2018. Luckily, 58 of Bertucci’s wood-fired pizzerias are still open. Since 2011, the restaurant had seen declining sales year after year. It was not alone. Most mid-priced sit-down eateries have been struggling to make ends meet nationwide. Rescued from the brink of bankruptcy, Earl Enterprises picked Bertucci’s up for $20 million.
Bertucci’s is now in the company of Planet Hollywood, Buca di Beppo, Earl of Sandwich, and Tequila Taqueria. Whew. You can almost hear the collective sigh of New England and East Coast diners. Maybe founder, Bostonian Joey Crugnale, an emigrant of Sulmona, Italy, is relieved too. Bertucci’s isn’t going away. Why not Crugnale’s? I guess Bertucci’s just sounded better.
Payless ShoeSource
A double-whammy. In April 2017, Payless filed for bankruptcy and attempted to salvage the chain by getting rid of 700 stores and $435 million in debt. Its efforts tanked. By April 2019, all stores closed, as per a second bankruptcy ruling filed in February 2019. Two bankruptcies in less than two years.
What’s left of the company is $470 million in debt and 2,500 vacant shoe shops. Of note, the liquidation of all its stores is the largest liquidation event in U.S. retail history. E-commerce options for Payless Shoes also disappeared. The Topeka, Kansas, company had been selling shoes since 1956.
Destination Maternity
Pregnant women, those who are planning on pregnancy, or any of you who just dabbles in maternity clothes for recreational reasons, this one's for you. If your destination is Destination Maternity, it may not be there when you arrive. The chain shut 67 of its stores in 2019. Destination Maternity is the umbrella maternity store.
It now includes Motherhood Maternity and A Pea in the Pod shops. All of these mall stores have been unable to compete against online retailers. Destination Maternity developed a new Amazon Marketplace storefront and offered same-day delivery in N.Y.C. The company is calling its restructuring efforts “Destination Forward.”
Williams-Sonoma
Williams-Sonoma has been making our kitchens and living spaces higher-quality and more inviting for over a half-century. Mr. Charles Williams originally set up shop in Sonoma, California, in 1947. But by 1958, he relocated the store to San Francisco, where clients like Julia Childs could easily access his array of fine French kitchenware. He expanded to Beverly Hills, adding catalog sales, and then gobbled up Pottery Barn in the mid-1980s.
Business thrived until the Amazon craze nearly flooded him out. A recent shakeup finds brand president Janet Hayes resigning and making way for Ryan Ross, executive vice president of various brands at the company. According to Retail Dive, in 2019, the store experienced a bump, with sales up 3% over last year; however, they eventually closed 30 stores in 2019.
Target
Target is one of America’s most popular stores. It's so popular it almost has a ritual-like aura for some shoppers. And yet it's here on our list. With $72 billion in revenue for 2018, an increase of 3.48% over the year before, it’s easy to see why Target is the eighth-largest retailer in the U.S.
And, even if shoppers are getting tired of the Target brand, it got away with clothing only six stores. Additionally, the company is opening small-format stores in downtown areas and on college campuses. In Santa Barbara, Cape Cod, Washington, D.C., and Seattle will all boast of mini-Targets.