ST. LOUIS – World News in Clayton is expected to be closed by the end of January.
The retailer filed for Chapter 11 bankruptcy in July 2020, citing the pandemic and declining sales. World News, which opened in 1967, isn’t the only company to close in St. Louis later this month. Brooks Brothers is also closing its Plaza Frontenac store on January 25, but its Chesterfield outlet store will remain open.
Peter Boumgarden, co-professor of family business practice at the University of Washington, said the ongoing pandemic has contributed to the closure of businesses across the country.
“In my opinion, if you look at the last two years, small business closures are on the rise,” said Peter Boumgarden, co-professor of family business practice at the University of Washington. “So that’s about 200,000 more closings than normal in the year from March 2020 to March or April of last year according to the Fed.”
Boumgarden said another factor to consider is that retirees in their 50s, 60s and 60s are leaving the workforce. But Boumgarden adds that businesses come and go.
“In a typical year, you’ll see seven to eight percent of businesses go bankrupt,” he said. “So it’s a relatively common occurrence across the country, and in St. Louis in particular. When you take it on a personal level, one of the recommendations I would have for my friends who are small business owners is that if you actually care about the landscape of small bookstores or restaurants and care about what interests you , this is actually the time to go out there and support them.
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