Brands, like everything in life, evolve and sometimes fade away. More often than not, the decline stems from a failure to adapt to trends, making true the popular saying “Adapt or Die”. Here are 10 iconic brands that are now either nearly extinct or extinct. Ride along, picking lessons from their story.
Kodak
Kodak, founded in 1892 by George Eastman, was once the world’s leading film company and celebrated for its innovations in photography. Despite pioneering the first digital camera, Kodak failed to fully embrace digital technology and by 2012 had filed for bankruptcy. It reemerged in 2013, now focusing on commercial customers and operating on a much smaller scale under Jim Continenza.
Sears
With its mail-order catalog, Sears was once-dominant retail chain and was founded by Richard Warren Sears and Alvah Curtis Roebuck founded in 1892. By the 1980s, it had become the largest retailer in the U.S. Following declining sales, Sears merged with Kmart in 2005, forming Sears Holdings, yet by 2018, had gone bankrupt. Today, there are only about a dozen stores left.
The Weinstein Company
Not all brand failures arise from changing trends or new digital technology as is the case of The Weinstein Company. Known for hits like ‘The King’s Speech’ and ‘Silver Linings Playbook, ‘ the Company was founded in 2005 by brothers Harvey and Bob Weinstein. However, following Harvey’s scandal, the company went bankrupt in 2018, and the studio closed.
Blockbuster
Once the destination for video rentals, with about 9,000 stores worldwide by 2004, Blockbuster experienced a gradual decline following the rise of streaming devices and the unceremonious passing on the purchase of Netflix for $50 million.. Dish Network acquired the company in 2011, marking the beginning of the end of an era. By 2013, Blockbuster closed most of its stores, laying off 2,800 employees.
JCPenney
JCPenney thrived in the 90s but declined as online retailers and niche stores gained popularity. Once boasting many department stores, JCP went bankrupt amid the pandemic and was acquired by Brookfield Asset Management and Simon Property Group for $800 million. Still running and headquartered in Texas, JCP is a far cry from what it used to be.
Compaq
Having been founded in 1982 and gaining popularity for creating the first PC that was compatible with IBM, Compaq’s fortunes gradually declined following newer technologies and fierce rivalry from other businesses. In 2002, Compaq merged with Hewlett-Packard (HP) for $25 billion, however, its dominance in the tech industry came to an end in 2013 when the brand was retired.
Borders Bookstore
Launched by two university brothers, Borders became a major name in books and music with its international stores. Crisis rocked as a result of excessive debt and a delayed move into e-readership.. By 2011, Borders had closed its stores and sold its customer loyalty list to Barnes & Noble for $13.9 million.
Sports Authority
Founded in 1987, Jack A. Smith’s Sports Authority once ruled the sporting goods world and even sponsored the NBA’s Miami Heat. As debt grew and online competition intensified, SA eventually collapsed. In 2016, the company filed for bankruptcy,closed all stores and sold its brand and assets to Dick’s Sporting Goods.
Sharp
Sharp Corporation was once a stalwart in the electronics market. Founded in 1912, it broke grounds with the first LCD TV. But the 2008 global financial crisis and rising competition greatly affected Sharp causing a buy-over by Foxconn in 2016. Today, it operates as a subsidiary, focusing on niche markets.
Lord & Taylor
Once a premier women’s department store, Lord & Taylor closed all its outlets by 2021. Acquired by Hudson’s Bay Company in 2006, the store saw a decline despite upgrades and a high-profile Fifth Avenue sale. In 2019, it was sold to Le Tote, which struggled during the pandemic. Saadia Group later bought the brand, reviving it as an online-only store.
