this post was submitted on 26 Sep 2024
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[–] [email protected] 119 points 2 months ago (2 children)

A reminder that two of those three didn't fall, they were killed by vulture capital

[–] [email protected] 71 points 2 months ago* (last edited 2 months ago) (2 children)

Private equity spent most of the 90's destroying Montgomery Ward and Eddie Lampert held Sears/KMart under the water until the bubbles stopped so he could cry to anyone that would listen that the retail business was failing while he made a fortune selling off the company's real estate.

[–] cogman 25 points 2 months ago

Yup, they deliberately ran it into the ground. They took out loans against Kmart to buy Sears and sold Sears and Kmart properties off to give themselves money via stock buybacks.

And what's worse, because it worked, you can see similar actions happening to other major retail outlets. Target, in particular, seems to be following directly in the footsteps of Kmart.

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[–] [email protected] 14 points 2 months ago (2 children)

There was a Wisconsin retail chain, Shopko, that fell to this, too. They bought the company, then took out loans against all the properties. Those loans were paid out as bonuses to the board, but the company had to pay the bill.

Then they minimally staffed the stores. One person handling registers, one or two behind the customer service counter, and one or two people on the floor to handle stocking and helping customers. If you needed help, you could easily be waiting around 15 minutes for anyone to come. This for a store that, while not as big as a Super Walmart, is around the size of a regular Walmart.

During the inevitable bankruptcy, it was revealed that the money taken at the register for state sales taxes was pocketed by the company rather than paid to the state.

All under the guise of "brick and mortar can't compete with Amazon". Competition was not the problem. Shopko was murdered by its own board of directors.

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[–] [email protected] 45 points 2 months ago (1 children)
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[–] [email protected] 40 points 2 months ago

"Fun" fact: Bain Capital killed both TRU and KayBee Toys.

[–] [email protected] 32 points 2 months ago (6 children)

Once again “the earth” is supposedly synonymous with “that one country in North America”…

[–] Coreidan 25 points 2 months ago

It’s true. North America does in fact exist on planet earth.

[–] [email protected] 16 points 2 months ago

All three of these businesses were worldwide so fail.

Except for circuit City before some "akchually" guy corrects me, but it was still multinational (as in 2 nations to be exact).

[–] [email protected] 15 points 2 months ago (7 children)

Yeah, ToysRUs is alive and well in Canada. I have no idea that the bottom-right one is.

[–] AngryCommieKender 11 points 2 months ago

Circuit City

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[–] [email protected] 12 points 2 months ago

Once again “the earth” is supposedly synonymous with “that one country in North America”…

they gave North American examples but the statement is universally true

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[–] MehBlah 30 points 2 months ago

1 of the three was killed to make some hedge fund richer. Toys r us would not have died if it hadn't been shorted in to oblivion.

[–] ATDA 29 points 2 months ago (1 children)

I never understood circuit city. The local one ran prices 10-20% higher then best buy a few blocks over. You'd only ever go there when best buy ran out of dvd-r's.

That being said whoever worked in their gaming section and kept updating the demo kiosk with every game now labeled a "hidden gem"... Props because those were always fresh picks.

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[–] [email protected] 27 points 2 months ago (2 children)

They didn't fall, they left.

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[–] pissclumps 24 points 2 months ago (1 children)

You can blame BCG and shitty hedge funds for that

[–] [email protected] 5 points 2 months ago (1 children)

Wasn't that Mitt Romney and Trump's Secretary of the Treasury? (I forget his name.) But I remember him looking like a Bond villain.

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[–] [email protected] 21 points 2 months ago (4 children)

Some empires that ought to fall... google, facebook, microsoft

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[–] TootSweet 20 points 2 months ago* (last edited 2 months ago)

Stahp I just watched a 2-hour video analysis of liminal spaces I can only get so hauntological

[–] [email protected] 18 points 2 months ago (2 children)

Toys r Us is still going strong in Canada

[–] Gradually_Adjusting 5 points 2 months ago (1 children)

...What else of ours have you got?

[–] Nuke_the_whales 5 points 2 months ago (2 children)

There's still one Spencer's gifts left in my city.

We also just recently got papa John's but I'm too conflicted to try it

[–] FlyingSquid 5 points 2 months ago

I have a teenager. Trust me, Spencer's are still all over the U.S. As is Hot Topic.

And I hate them both.

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[–] finitebanjo 17 points 2 months ago (5 children)

I miss Fry's Electronics Stores

[–] [email protected] 10 points 2 months ago (2 children)

I miss early 2000s Fry's Electronics. Back when they still cared.

Even 2010s Fry's was a shit show. They always sold out if the ad special of the week. They had random out of stocks that took up huge chunks of the aisles, with a lot of old, undesirable stuff left over. And then they'd give you a hard time with returns.

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[–] FlyingSquid 6 points 2 months ago (1 children)

The one in Burbank, CA was awesome. It was done in a 1950s sci-fi movie theme. The outside was made to look like a UFO crashed into it.

http://www.weirdca.com/location.php?location=221

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[–] [email protected] 5 points 2 months ago

We still have one in Illinois but I'm not sure how it's still holding on. Used to love going in there. Loads of specialized parts and equipment as well as staff that were super knowledgeable and helpful. But at least we have Microcenter now... Which is like if you took a Fry's and scaled it down and made it work more like a car dealership 😭😭😭

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[–] [email protected] 16 points 2 months ago (2 children)

What's the one on the bottom right?

[–] [email protected] 26 points 2 months ago (2 children)
[–] Nuke_the_whales 13 points 2 months ago* (last edited 2 months ago) (2 children)

For us Canadians it would be future shop, which was basically Canadian best buy till best buy showed up

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[–] TheBat 15 points 2 months ago

Look up on my works ye mighty and despair

[–] [email protected] 13 points 2 months ago* (last edited 2 months ago)

There is a Toys R Us a few blocks away from me that I used to go to as a kid and it's wild to me that only in the last year has anything been done to it and all that was done is someone erected a chain link fence around the property to keep people out because it was pretty popular for hooking up and selling drugs given in its in a sparsely populated area and has absolutely no lights around. Like it still has the sign and shit, the building has just sat completely abandoned for over a decade since TRU went bankrupt.

We had Blockbusters and Circuit City and even a Mervyn's here. The buildings have all been re-used though. Just the TRU and the Orchard Supply next to it have sat unchanged over the years, like ruined relics of the past.

[–] [email protected] 11 points 2 months ago

Look upon my works and despair.

[–] chemical_cutthroat 8 points 2 months ago (1 children)

Like the Pizza Hut turned Bank turned Chinese Food Restaurant turned Fed Ex Pack and Ship

[–] [email protected] 8 points 2 months ago

Turned back to pizza hut in a few instances

[–] [email protected] 8 points 2 months ago (3 children)

I miss my frys electronics and their goofy buildings

At least microcenter will come to my hometown soon

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[–] [email protected] 6 points 2 months ago

The giraffe still lives.

[–] wowwoweowza 6 points 2 months ago (3 children)

I met a traveller from an antique land,

Who said—“Two vast and trunkless legs of stone

Stand in the desert. . . . Near them, on the sand,

Half sunk a shattered visage lies, whose frown,

And wrinkled lip, and sneer of cold command,

Tell that its sculptor well those passions read

Which yet survive, stamped on these lifeless things,

The hand that mocked them, and the heart that fed;

And on the pedestal, these words appear:

My name is Ozymandias, King of Kings;

Look on my Works, ye Mighty, and despair!

Nothing beside remains. Round the decay

Of that colossal Wreck, boundless and bare

The lone and level sands stretch far away.”

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[–] Furbag 6 points 2 months ago

There was always a certain ambiance in Circuit City that I found to be appealing. At least on my local one before it closed down. It was like the lights were dimmed way down, but it was still bright enough to see. I guess you would call that "cool temperature" lighting, which is definitely not fashionable anymore. Everything nowadays seems to follow Apple's store design which is this sterile eggshell white, bathed in neutral or warm temperature lighting. I find it kind of boring, but I understand why they do it that way.

Plus, I loved how instantly recognizable their old stores were. The big red block turned at an angle for an entrance was brilliant imo. They used it a lot in their television commercials and made it look like a plug end or a battery coming down from the sky.

[–] BiCycleRider 5 points 2 months ago* (last edited 2 months ago)

Empires bought by investment groups that fire all the employees, sell all the assets, and over leverage on too much debt till bankruptcy.

[–] [email protected] 5 points 2 months ago (1 children)
[–] Benjaben 10 points 2 months ago (3 children)

That graphic in the second link, holy shit

[–] [email protected] 5 points 2 months ago

Yeah, pretty sad to see. Shopping at all the different department stores was pretty cool back then. But now it's all Macy's.

[–] [email protected] 5 points 2 months ago

Unregulated capitalism destroys everything it touches, including itself.

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