Many favored stores all over the United States have been drastically closing down. For example, better-known companies like Party City, Best Buy, and 7-Eleven are closing. This has caused many people to lose their jobs and go bankrupt, and loyal customers are sorrowful over this nationwide shutdown.
Party City is a loved store by many. Several Party City’s have closed down due to inflation, debt, and other factors. Party City fell $1.7 billion in debt, and the production team was recalled from its yearly trip with vendors and was told to come home immediately. A former Party City corporate office employee was said to tell everyone to go home immediately because they believed the trip posed a safety risk, regarding Party City, officials did not describe the nature of the risk mentioned. Party City had stopped paying its suppliers. “I certainly know this is a lot to take in,” McGowan said before pausing and tearing up.
Best Buy is also a loved store by many customers. On October 26th, 2024, over 100 closures happened worldwide. This occured due to the negative impacts of counterfeit markets, pricing, and their big-box retailer format. Keeping a store running and working is challenging, especially with rising rent and utility bills and Best Buy has been struggling to meet these challenges. With online shopping influencing many people, fewer customers have been walking into stores. This is making Best Buy deeper in debt, and recently theft has become a problem, which is making it much harder for Best Buy.
7-Eleven is an international company founded in Dallas, Texas. This company made viral videos of getting different products in different countries like the United States, China and France. Recently over 400 closures around America occurred because of inflation pressures, slowed traffic, and a decline in cigarette sales. 7-Eleven has experienced six months of traffic declines. Starting from October 29th, 2024, 7-Eleven is now in 29 billion dollars in debt, and a 7.3% drop was reported in August.
Overall, these closures are widespread over America, whether it’s Party City in debt, Best Buys’ counterfeit markets, or 7 elevens’ decline in cigarette sales. All of these stores are in severe debt and closing down is one of the harsh realities of owning a store.
Sources:
https://www.cnn.com/2024/12/20/business/party-city-shut-down/index.html
https://fox40.com/news/local-news/major-us-retailers-set-to-close-stores-in-2025-macys-best-buy
https://www.ktvu.com/news/7-eleven-closing-more-than-400-locations
