Top 10 American Companies That DON'T EXIST Anymore
#10: American Motors Corporation
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Nowadays, it feels like U.S. companies merge every other week. In 1954, though, it was jarring to see Nash-Kelvinator Corporation merger with Hudson Motor Car Company, forming American Motors Corporation. At $355 million, it was the largest corporate merger for a period. Even with that sizable amount, American Motors was still only America’s fourth-largest auto brand, trailing behind Ford, General Motors, and Chrysler. Despite some success, AMC struggled to compete with the Big Three, eventually being acquired by Chrysler in 1979. The AMC name would persist until 1988 when it was renamed Jeep Eagle Corporation before completely merging into Chrysler two years later. How fitting a company born from a merger ended with another merger. Even the “toughest” American cars can’t beat big business.
#9: Gulf Oil
Commencing in 1901, this “Big Oil” company’s main backers were William Larimer Mellon and his uncle, Andrew. What started with a $10,000 investment developed into one of the “Seven Sisters” oil companies. By the early 40s, Gulf Oil was among the ten largest U.S. manufacturing companies. By the end of the 70s, it could still be found in the Top 10. In 1985, though, Gulf Oil merged with one of its fellow “Seven Sisters,” Standard Oil of California, being rebranded as Chevron. At the time, it was a record deal of more than $13 billion. The Gulf Oil brand name still exists with various companies buying the trademark. However, the original titan that inspired a Pennsylvania skyscraper no longer casts its massive shadow.
#8: Coleco
Coleco went through an intriguing evolution, starting as The Connecticut Leather Company in 1932. As the name suggests, the company initially produced leather for products like shoes. When their leather moccasin kit performed well at the 1954 New York Toy Fair, the company shifted gears. By the early 60s, Coleco was officially a toy company, making plastic playthings and pools. After a failed experiment with snowmobiles, Coleco entered the electronic realm with Telstar and ColecoVision. Although the video game crash came as a blow, Coleco had another life preserver: Cabbage Patch Kids. Following the peak of Cabbage Patch mania and the infamous Adam computer, Coleco filed for Chapter 11 bankruptcy in 1988. While the company itself is defunct, the brand name was resurrected in 2005.
#7: ShowBiz Pizza Place
Speaking of video games, did you know that Nolan Bushnell, Atari’s co-founder, also brought us Chuck E. Cheese? Despite some recent financial hiccups, this chain remains the leader in arcade-styled children’s pizza joints with creepy animatronics. They had a very specific competitor in the 80s, though. Businessman Robert L. Brock entered a deal with Pizza Time Theatre, Chuck E.’s owner. When that fell through, Brock founded ShowBiz Pizza Place, using a similar model. Brock seemingly came out on top as Pizza Time Theatre filed for bankruptcy in 1984, merging with their competitor to form ShowBiz Pizza Time. However, all ShowBiz locations turned into Chuck E. Cheese joints by 1992. While it’s debatable who won this pizza war, the Chuck E. brand proved more enduring.
#6: Stein Mart
When a company is around for more than a century, you assume that it’s a permanent mainstay. Such was the case with Stein Mart, which opened its first Mississippi location in 1908. The store shared the same name as its founder, Sam Stein, who immigrated from Russia. What started as a general department store evolved into a discounted clothing company when Jake Stein took the reins from his late father in 1932. Stein Mart continued to grow over the decades, but the company struggled financially during the late-2010s. With stock prices plummeting, Stein Mart announced plans to go private… in February 2020. Yikes! The pandemic caused Stein Mart to file for bankruptcy six months later, closing all stores and relaunching as Stein Mart Online.
#5: Borders Group
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In 1971, brothers Tom and Louis Borders opened a bookstore while studying at the University of Michigan. The Borders brothers expanded their business after buying out Wahr’s Bookstore, which had been operating for 80 years. Ironically, Wahr’s lasted longer than Borders, which still had a respectable run of almost 40 years. Things took a turn for the worse in 2007, though, when Borders ended their deal with a little online retailer called Amazon. Borders figured that they could launch their own online store, but sales fell $1 billion over the ensuing years before finally filing for bankruptcy in 2011. Borders would sell to its longtime adversary, Barnes & Noble, which has managed to survive a global pandemic and the wrath of Amazon. You go, Barnes & Noble.
#4: Toys “R” Us
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Childhood is fleeting, but Toys “R” Us is forever. Actually, scratch that. Nothing lasts forever, especially companies run by a talking giraffe. In all seriousness, Toys “R” Us was a childhood staple that struggled to adapt. Like Borders, Toys “R” Us entered an online retail agreement with Amazon in 2000. When Amazon violated their contract, the toy company walked away with $51 million in damages, $42 million less than desired. Amazon remained a competitor along with Walmart and Target. It was all downhill after filing for bankruptcy in 2017. The final US Toys “R” Us locations closed in 2021, ending a streak of more than 70 years. However, WHP Global sought to revive the brand that same year, giving hope to Toys “R” Us kids.
#3: Gimbels
Decades before throwing Toys “R” Us a lifeline, Macy’s defeated its longtime department store rival, Gimbels. In the vein of Coke and Pepsi or McDonald’s and Burger King, Gimbels was locked in a consumer war with Marcy’s for much of its existence, even sparking the phrase, “Does Macy’s tell Gimbels?.” Opening in 1842, Gimbels predated Macy’s by 16 years. War was declared when the Pennsylvania store expanded to Macy’s New York stomping ground in 1910. Ten years later, Gimbels launched their annual Thanksgiving Day Parade with Marcy’s starting their own just four years later. Despite the public feud, the companies coexisted until 1987. Failing to meet the profitability standards of BATUS Retail Group, Gimbels entered liquidation. Macy’s won, but without Gimbels, Bette had no Joan.
#2: Pan American
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During their 2022 scheduling meltdown, many wondered if Southwest Airlines was destined to become the next Pan Am. This led younger generations to ask, “What’s Pan Am?” You might recognize this airline from “Hook,” which came out only a week after this American airline ceased operation. First taking off in 1927, Pan Am came to be synonymous with luxury and international air travel. Pan Am turned flying into an event, but the expenditures required to meet those high standards could only be sustained for so long. Following a series of financial woes, the Gulf War provided the final nail in the cabin with fuel prices rising and fewer people traveling. At the time of declaring bankruptcy, Pan Am had the second most recognized trademark globally.
#1: Blockbuster
The Rise and Fall of BlockBuster
We’re not sure what’s more surreal, that video stores are essentially extinct or that people under the age of ten probably won’t even recognize one. Before streaming provided a limitless gateway to entertainment, you had to drive to a video rental shop like Blockbuster or Hollywood Video to select the flick you wanted… assuming they even had it in stock. It was a lot more fun than it sounds, but even the most nostalgic Blockbuster patron can understand why such a business couldn’t compete with the rise of streaming. 2010 marked the beginning of the end and by the decade’s conclusion, only one privately owned Blockbuster remained. It even inspired a Netflix sitcom, which got canceled after one season. That’s twice that Netflix killed Blockbuster.
