The US economy is in the midst of one of the most turbulent times in its history. Of course, the COVID-19 pandemic has made it difficult for many businesses to operate, and thereforeswellingover has made it difficult for some Americans to purchase household items.
These challenges have been too much for some companies to handle – and a number of well-known brands are set to disappear in 2022. Some of these brands are being phased out due to mismanagement, while others are being phased out. victims of changing consumer preferences or the circumstances that the pandemic has created.
To determine which brands will be phased out in 2022, 24/7 Wall St. reviewed press releases as well as company ratings from sources such as Standard & Poor’s to determine which brands, companies and product lines will, or likely be, phased out or cease operations in 2022.
Many of the brands that will be phased out in 2022 are traditional retailers, often clothing companies. These businesses have struggled to adjust to online shopping and the decline of shopping malls in America – and their challenges have been made even worse during the pandemic, lockdowns and various public health restrictions.
Several car models are also on this list, as automakers reduce large queues due to inventory constraints. Many vethe hicles are smalleryears, which are scuttled because Americans tend to want to drive bigger vehicles like SUVs and crossovers.
A few companies that are slated to be dissolved in 2022 are going bankrupt due to mismanagement. These companies either did not provide electricity to homeowners in an emergency or knowingly helped fuel the opioid crisis in the United States and are now held to account. They are now facing huge lawsuits that will either bankrupt these companies or force them to rebrand so they can try to leave their negative reputations in the past. They are America’s most hated companies.
Click here to see famous brands that will be phased out in 2022