14 Beloved Brands Gone Forever

Beloved brands that went out of business

Here are 14 formerly huge brands that have either physically closed their doors — or the entire business.

Pan Am

The airline was founded in 1927 and originally provided mail and passenger service between Florida and Cuba. The airline expanded from there — reaching its peak in 1970 when it carried 11 million passengers a year to 86 different countries. However, by the ’80s, the company’s profits had weakened; in 1991, the airline officially shut down. It reemerged in 1996 but lasted less than two years before closing again.

Oldsmobile

A brand of General Motors, Oldsmobile produced more than 35 million cars in its 107-year history. Despite its popularity over the years, GM announced in 2000 that it would be phasing out the brand. Four years later, the last Oldsmobile, an Alero, rolled off the factory assembly line; the brand no longer had a factory to manufacture its product.

Woolworth

Founded in 1879, Woolworth grew to become the world’s largest department store chain in 1979. As the company continued to expand and add specialty retailers, the Woolworth department stores began to suffer. The chain closed 900 of its locations in 1992 and 1,000 more in 1993; the rest followed four years later in the U.S. You can still see the famous five-and-dime store in Mexico, though. In 1956, Woolworth opened several Mexican locations; when the company closed its U.S. stores, it sold the Mexican locations to its biggest competitor, Del Sol. [Read related: The Future of Retail: Trends for 2024]

Palm

While the life of Palm Computing wasn’t as long as that of other iconic brands, it was just as impressive. Launched in 1992, the company really took off four years later with the introduction of the PalmPilot. The personal digital assistant was an instant success that led to the company’s purchase by 3Com in 1997.

Three years later, Palm went public with an opening-day business valuation of $53 billion. However, as smartphones began to rise in the mid-2000s, consumer interest in Palm diminished. After announcing the loss of $22 million in 2010, the company was purchased by HP for $1.2 billion. At that time, all Palm devices were rebranded as HP.

TWA

Trans World Airlines, or TWA, was founded in 1930 with the merger of Western Air Express and Transcontinental Air Transport. The airline flourished in the ’30s and ’40s under the direction of billionaire Howard Hughes. Its downfall can be traced back to the ’80s when it was acquired by Carl Icahn, who pushed for the company to turn private. The move saddled the company with debt and eventually led to TWA filing for bankruptcy in both 1992 and 1995. The TWA brand eventually shut down for good when it was acquired by American Airlines in 2001.

Kenner Products

Founded in Cincinnati in 1947 by brothers Albert, Phillip and Joseph Steiner, Kenner Products was a toy company best known in its early years for producing the Bubble-Matic Gun and the Easy-Bake Oven. While the company was purchased by General Mills in 1967, the brand continued on; its profits soared in the ’70s and ’80s thanks to the success of its line of “Star Wars” toys. The brand was acquired in 1987 by Tonka, which was purchased by Hasbro in 1991. In the following years, the Kenner brand was folded into the Hasbro toy lines. In 2000, the name was erased for good when the Cincinnati operations officially closed.

Tower Records

The first Tower Records store opened in 1960 in Sacramento, California. The chain of music stores saw rapid growth in the coming years, expanding throughout the state and the rest of the U.S. By the mid-’90s, there were more than 200 Tower Records stores around the world, generating $1 billion a year in sales. But as larger retailers like Best Buy and Walmart began selling music — and when downloadable music started to take hold — Tower Records’ profits dwindled. The company first filed for bankruptcy in 2004 and then again in 2006. This eventually led to the retailer being liquidated and shut down for good in the U.S. — at least as a physical store.

More than 14 years after closing all of its locations, Tower Records was revived as an online store. The company Tower Records is still mainly an online store, but it opened an in-person location for artists to mingle with their fanbase. You can find over 35,000 titles on vinyl records, CDs and cassette tapes; you can also purchase exclusive artist merchandise and read artist interviews.

Borders

The Borders bookstore chain launched in 1971 in Ann Arbor, Michigan. Over the years, the company grew to more than 650 stores in the U.S. and abroad. Despite its acclaim, company profits began to decline in 2001. By 2010, with e-books at the height of their popularity, Borders was losing $185 million a year. The following year, Borders filed for bankruptcy and the liquidation process began. The chain eventually closed all its stores and sold its website to rival Barnes & Noble.

Henri Bendel

Henri Bendel, an upscale brand known for its designer purses and shoes, was founded in 1895. In 1913, the brand opened its flagship store on Fifth Avenue in New York City. In 1985, the company was acquired by L Brands and expanded into 11 other states. However, in 2019, L Brands decided to shut down the brand’s website and remaining stores because of poor sales.

Pier 1 Imports

Founded in 1962, Pier 1 Imports specializes in home goods like furniture and decor. The company got its start in San Mateo, California, before expanding to other states. Pier 1 remained popular for many years, but it eventually started to struggle with competition from stores like Amazon, Walmart and TJ Maxx. In early 2020, the company announced it was closing its remaining stores because of declining sales after unsuccessfully trying to obtain a buyer. That year, the company relaunched as an online store; however, its brick-and-mortar stores remain shuttered.

Sports Authority

Sports Authority was a sporting retailer that, at its height, operated more than 400 stores across the U.S. At one point, the company was the largest sporting goods retailer in the country. However, Sports Authority struggled to maintain its sales amid competition from other retailers. The company filed for bankruptcy in 2016 and closed its remaining stores.

SmileDirectClub

SmileDirectClub, founded in 2014, was a pioneer in the teledentistry industry by offering at-home clear dental aligners. Despite its innovative approach and rapid growth, the company faced significant challenges. These included legal battles with dental boards and mounting financial losses. In 2023, after more sales declined, SmileDirectClub filed for bankruptcy and is no longer selling its products.

Blockbuster

Once synonymous with home movie rentals, Blockbuster was founded in 1985; it quickly grew into a massive chain with thousands of stores worldwide. At its peak in the late ‘90s and early ‘00s, Blockbuster had over 9,000 locations. However, the rise of digital streaming services led to its rapid decline. Despite several attempts to modernize and adapt, Blockbuster filed for bankruptcy in 2010 and closed the remaining corporate stores.

Bed Bath & Beyond

Bed Bath & Beyond is a brand that closed its brick-and-mortar stores, but consumers can still shop for its products online. The retailer, founded in 1971, became a beloved household name in the home goods retail sector. Known for its extensive range of products and generous coupons, the brand expanded rapidly.

However, the rise of e-commerce giants and shifting consumer preferences led to declining sales. In 2022, the company announced the process of closing its stores. It transitioned to an online-only model in a bid to stay afloat in the competitive retail market.

How to build a brand with staying power

Of course, many beloved brands go out of business only to reemerge later. Hostess Brands is a prime example: After filing for bankruptcy in 2012, the brand relaunched in 2013. It’s a perfect illustration of a company that bounced back and recovered from bankruptcy.

Your business doesn’t have to go through these kinds of ups and downs. Here are a few tips on how to build a brand or open a retail store with true staying power:

• Be consistent: Unreliable brands will not stand the test of time. You should provide the same high-quality experience for your customers every time they come in contact with your company.
• Listen to your customers: Companies that stop listening to their customers and what they want are bound to fail. Stay in close contact with your customers so you understand what they are looking for. Use techniques like social media and customer surveys to gather feedback and insights on what your customers want.
• Strive to be the best: You should never stop working to be the best in your industry. Think about what sets your brand apart and lean into that.
• Innovate continuously: Stagnation is the enemy of longevity. Keep up with industry trends and be willing to pivot your business model or product offerings to meet changing market demands. Investing in research and development can help keep your brand relevant.
• Build a strong brand identity: A clear and compelling brand identity helps create a loyal customer base. Ensure your brand’s values, mission and messaging are consistently communicated across all channels.
• Adapt to technological changes: Stay ahead of technological advancements that could impact your industry — especially with AI on the rise. Embrace new technologies that can enhance customer experience or streamline your operations.
• Foster a positive company culture: A positive and dynamic work environment attracts and retains top talent. Employees who are passionate about their work and aligned with the company’s values contribute significantly to the brand’s success.

Building a lasting brand

Understanding the rise and fall of once-beloved brands provides valuable lessons for maintaining a sustainable business. Brands like Hostess have shown that it is possible to bounce back. But the goal should be to build a brand with staying power that avoids such extreme ups and downs. Consistency, customer focus, continuous improvement, innovation and a strong brand identity are key elements that contribute to a brand’s longevity and resilience in an ever-changing market.

Amanda Clark and Jamie Johnson contributed to this article.