L.L. Bean is known for being always open. Yes! 24 hours a day, but recently, people have been in chaos by looking at the closed doors of the retail company, and it indeed raised the question: Is L.L.Bean going out of business 2023?
Let’s find out by reading this article, which contains information regarding L.L. Bean, whether the suspicions of people are true, and what future the company holds.
About L.L.Bean
L.L.Bean is a company founded by Leon Leonwood Bean in the year 1912. The company began selling a single product from one room. The product was known as duck boots and was later renamed Bean Boots.
The main target audience of the company was the Maine hunting license holders. By 1912, Leon was selling the Bean Boots through a four-page mail-order catalog.
In 1946, the gross sales of the company amounted to $1 million, increasing to $3.8 million in 1966 and $237.4 million in 1984.
The list of the company’s chairman and other prominent leaders is as follows:
Chairmen
- Leon Gorman (2001-2013)
- Shawn Gorman (since May 2013)
List Of CEOs
- Leon L. Bean (1912-1967)
- Leon Gorman (1967-2001)
- Christopher McCormick (2001-2015)
- Stephen Smith (Since November 2015)
Is L.L.Bean Going Out Of Business 2023?
First things first, L.L. Bean is another company that has been running the business for 100 years now, just like Tupperware. But as Tupperware is struggling to survive in the market and is on the brink of bankruptcy, the same is not the case for L.L. Bean.
As we know, L.L. Bean is known for being open 24 hours a day, 365 a year. Since the store opened in 1912, it has been closed only during the death of its executive, fire, the assassination of JFK, and during the pandemic.
However, recently, it had to close its store due to a mass shooting where at least 18 people were killed in Lewiston. Freeport is located only 20 miles from the town where the tragedy happened, which is why the company came to a decision to close its four large campus stores in Freeport for the time being.
L.L. Bean said it has also closed the manufacturing facility located in Lewiston and Brunswick.
So, overall, L.L. Bean is not going out of business but has only shut down its shutters due to the mass shooting for the time being.
Why Is L.L.Bean Out Of Social Media Channels?
In the era of digital transformation, where everyone is using social media, being on the platforms is more than essential, especially for companies. Social media platforms help companies build an online presence.
It is a time when if you want to know about a person or a company, the first thing people do is search for them on social platforms.
During such a time, L.L. Bean paused all its postings across all the social channels for the month of May and wiped its Instagram clean. This also raised suspicions among the customers about the company going out of business in 2023.
However, all this was part of a strategy to encourage people to step out for Mental Health Awareness Month.
The company said that we encourage our followers and friends to follow us outside whenever and wherever they can.
It also announced that as a part of Mental Health Awareness Month, the company made a $500,000 grant to Mental Health America.
Through this stunt of L.L. Bean, the company’s impressions on Instagram were up 95% in the month of May.
What Is The Net Worth Of L.L.Bean?
Leon Leonwood Bean is one of the richest and most popular entrepreneurs who was born in Greenwood, Maine, United States.
As of 2023, the net worth of Leon Leonwood Bean is approximately $5 million. He specializes in outdoor gear and clothing.
The founder also wrote a book in 1942 named The Hunting, fishing, and Camping and an autobiography known as My Story: the Autobiography of an East-West Merchant in the year 1960.
What Is The Future Of L.L.Bean?
L.L. Bean has been operating since 1912, which makes it a 111-year-old company. It currently has 56 stores in the U.S., 25 stores in Japan, and 13 licensed retail locations in Canada.
Recently, the company shared its plan to open two new stores in Massachusetts and Quebec. It is also planning to renovate its flagship store in Maine.
The company said that $50 million at its retail campus in Freeport will improve accessibility and will offer a great experience to its customers.
L.L. Bean currently has nine Massachusetts stores in Berlin, Boston, Hadley, Mansfield, Burlington, Dedham, Mashpee, Millbury, and Warehum.
Moreover, the company also announced that it will be also coming to the Northern Shore Mall, which Simon Property Group owns. Simon Property Group also owns JCPenney.
On this, the Group said that the furniture store Arhaus and salad eatery Sweetgreen will also be opening in the mall.
Conclusion
The store, which has never failed to open its stores in the span of 111 years, except for the pandemic, fire, and assassination, has recently raised a question: Is L.L. Bean going out of business 2023?
However, as we mentioned, the company has only closed down its shutters due to a mass shooting in the area and is not going out of business.
On which the iconic Maine company said that Maine is more than just a place for us; it’s our home, our community, and our family.
It further added that our hearts and our thoughts are with everyone affected by this tragedy in our beloved state.
FAQs
How much does L.L. Bean make in a day?
L.L. Bean makes $4.4 million in a day, and in a month, the revenue of the company goes up to $133.3 million in revenue.
Is L.L. Bean a Chinese company?
L.L. Bean is an American privately-held retail company that was founded in 1912.
Is L.L.Bean struggling?
It has been reported that the revenue of the company fell 1% year over year to $1.8 billion in 2022. Last year, the revenue rose by 14%.