We all know that financial problems can affect everyone. No cases are the same however, the struggles seem to be. Not even businesses are immune. We have complied a list of well-known businesses that have confirmed they have filed for bankruptcy protection. Read below to see how it will impact your favorite stores or restaurants.
1. Barnes and Noble:
Even though the company has been struggling they still have a considerable amount of stores nationwide. In all 50 states, the total number of stores is about 700. It has been rumored the company failed to effectively compete with Amazon's Kindle and may have over-invested in the Nook e-books. On a positive note, the power house bookstore made a $63 million profit last quarter.
In March, RadioShack announced it would close 1,100 of its stores. For the three months ending December 31, 2013, they reported a quarterly loss of $191.4 million.
In February, the pizza fast food chain normally found in malls, announced it would be closing 155 of its 400 restaurants in an effort to cut costs. In March, the chain went a step further and filed for bankruptcy protection for the second time in three years. Sbarros has not named the locations they would close. Will it be our Augusta one?
The sandwich chain has filed for bankruptcy hoping to reduce its debt by over $400 million. Thousands of Quiznos locations have been closed in the last few years including our Evans location. Quiznos has about 2,100 locations remaining. They are frequently compared to Subway which boosts 41,391 locations in 104 countries!
In February, Sears (which also owns Kmart) reported a $358 million loss in its fourth quarter. Hundreds of Sears stores have been closed and more are in jeopardy. Our local Kmart closed in 2012 but Sears in the Augusta Mall has not fallen yet.
In early March, the office superstore announced it would close 225 of its 1,846 locations throughout North America. They are hoping to save about $500 million and have admitted that almost half of its yearly sales are from online purchases.
Blackberry, the once overly popular smartphone maker of choice, announced in December that it lost $4.4 billion in its third quarter. The company headquarters was sold for an undisclosed sum back in March.
These are just a few of the many businesses that have recently faced financial uncertainty. The economy has been bad but let's not forget it's bad for not only individuals, but also some of the businesses we love.