Edited
If a business changes (and it’s not just a simple case of the business changing their name but otherwise being exactly the same), you’re meant to request removal of the existing wayspot and then, if the new business is eligible, you can submit it as a new nomination.
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I have reported a name change for a business that was torn down and a new one built in its place. Niantic rejected the evidence that the building was torn down. About 10% of the gyms and stops in my community are at places that no longer exist. The AI doesn’t care, and any evidence that the spot no longer exists is always rejected 
If your report that a wayspot no longer exists is rejected, you can appeal that here on the forum and supply additional evidence to support your request.