Famous sporting goods store closing after 70 years, no bankruptcy
The company has served its customers for years and has decided to liquidate it assets.

Stores used to be the center of a community.
Maybe your community had a local or regional department store. In some cases, it was a glorified convenience store that sold a little bit of everything.
Some towns had hardware stores that also sold a mix of other items needed by the community. Basically, these were extensions of the old general store model.
Related: Popular beer brands retailer closes locations
A community did not have easy access to every type of store, so the local store in the center of town stocked what they needed. It was a quaint model made less relevant as most Americans got access to cars which has become irrelevant due to the internet.
Pretty much every American, even in very rural locations can order anything they want online. No matter where you are, you have easy access to buy a laptop, toilet paper, or the ingredients to make pretty much any meal.