Still reeling from the pandemic, and hit hard by inflation and retail theft, numerous beloved retailers were forced to shutter stores in the aftermath. Here are 20 of the biggest retail chains announcing store closures in 2024.
20. Hardee’s
Founded in 1960 in Rocky Mount, North Carolina, Hardee’s is a fast food chain owned by CKE Restaurants Holdings, Inc., the parent company of Carl’s Jr. Hardee’s recently had several locations shuttered after one of its franchise companies, Summit Restaurant Holdings, declared bankruptcy. At least 39 franchise locations have shut down in eight states including Florida, Missouri, and Montana.
19. Godiva
Godiva Chocolatier is a Belgian-based chocolate maker, owned by Turkish conglomerate Yildiz Holding, headquartered in New York City, and founded in 1926. Hit hard by the pandemic and the loss of foot traffic in brick-and-mortar stores, the company closed all of its 128 physical locations in North America in 2021.
18. The Children’s Place
The Children’s Place is headquartered in Secaucus, New Jersey, and was founded in 1969. The company specializes in children’s apparel and accessories. In 2023, the clothing retailer took major steps to downsize. The Children’s Place shut down 100 stores to shift its customer acquisition focus toward online sales over in-person retail sales.
17. Macy’s
Macy’s is one of America’s most renowned department store chains, founded in 1858 in New York City. Its flagship department store in NYC serves as the endpoint of the Macy’s Thanksgiving Day Parade. In 2020, the company began a major restructuring, announcing plans to close 125 stores over time. Four locations closed in 2023 in California, Colorado, Hawaii and Maryland.
16. Starbucks
Starbucks is a multinational chain of coffee houses that was founded in 1971 at Pike Place Market, Elliott Bay, Seattle, Washington. While it seems new Starbucks locations are opening up all the time, the company is scrutinizing the performance of its existing locations. In 2023, Starbucks shuttered around 100 stores with more closures likely in 2024.
15. Walgreens
Walgreens is the second-largest pharmacy chain store in the US and was founded in Chicago, Illinois, in 1901. In June 2023, the company announced it was closing 150 of its 9,000 US-based locations, as well as 300 stores in the UK. In addition, the company plans to reduce its corporate workforce by 10 percent.
14. Boston Market
Founded in Newton, Massachusetts in 1985, Boston Market has fallen on a bit of a tough time. In May, the chain’s Colorado headquarters was seized due to more than $300,000 in unpaid sales and payroll taxes. The company was sued in July 2023 for owing one of its food distributors over $10 million. In August 2023, the company owed New Jersey-based employees $607,471 in back pay. Boston Market filed for bankruptcy in 2024.
13. Best Buy
Best Buy is a multinational consumer electronics retailer founded in St. Paul, Minnesota in 1966. Hit hard by the pandemic, the company laid off over 5,000 employees in 2021 and shifted many positions to part-time. Best Buy shifted its focus toward online sales, decreasing the sales floor and making space for online order fulfillment. The company closed 20 locations.
12. Burger King
Burger King is an American multinational fast food chain founded in Jacksonville Florida in 1953. As part of major downsizing efforts, Burger King shut down more than 400 stores in 2023. More are likely after the restaurant chain announced that it plans to shutter more aging locations and stores not performing well.
11. Big Lots
Big Lots is an American discount retail chain founded in Columbus, Ohio in 1967. The company announced a new strategy focusing on keeping its locations open in less-populated areas while shuttering stores in big cities. The most recent store closures have occurred in California and Colorado. In 2023, Big Lots announced it was nearing a potential Chapter 11 bankruptcy filing.
10. Target
Target Corporation is a discount department store chain founded in 1902, with the first Target store opening in Roseville, Minnesota, in 1962. Citing increased retail thefts affecting several of its locations, target shuttered several stores across the US in 2023, including locations in the Bay Area, Portland, and New York City.
9. CVS
CVS is the largest retail pharmacy chain in the US, founded in Lowell, Massachusetts, in 1963. In 2021, the drugstore chain announced plans to close up to 900 locations, which is expected to continue through 2024. In January 2024, CVS announced it plans to close around 10 percent of its stores.
8. Party City
Party City is a retail chain specializing in party supplies and was founded in East Hanover Township, New Jersey, in 1986. The company operates over 850 outlets in over seventy countries worldwide. In February 2023, Party City filed for bankruptcy and closed dozens of stores. Multiple locations were shuttered in California, Texas, Michigan, and New York.
7. Walmart
Walmart was founded in Rogers, Arkansas, in 1962 and is the world’s largest company by revenue. By 2022, Walmart operated 10,586 stores and clubs in 24 countries. However, in the US, many locations have been hit hard by retail theft, as well as poor performance. The company announced plans in 2023 to close more than 20 stores across the country.
6. The Gap
The Gap is a worldwide clothing and accessories retailer founded in San Francisco, California, in 1969. In 2020, The Gap announced plans to close 350 of its Gap and Banana Republic stores through 2023. In 2021, The Gap confirmed plans to close all of its 81 stores in the UK and Ireland.
5. Bed Bath & Beyond
Formed as Bed ‘n Bath in Springfield, New Jersey in 1971, Bed Bath & Beyond filed for Chapter 11 bankruptcy in April 2023. The company liquidated all of its remaining stores. The last location closed on July 30, 2023. In the bankruptcy, Overstock.com obtained the chain’s name and its trademarks.
4. Tuesday Morning
Tuesday Morning is a discount home goods retail chain that was founded in Texas in 1974. In February 2023, Tuesday Morning filed for Chapter 11 bankruptcy. It then closed roughly half of its 700 US locations. It closed all locations by July 2023. The company converted its Chapter 11 bankruptcy to a Chapter 7 liquidation and is now e-commerce only.
3. Rite Aid
Rite Aid Corporation is the third-largest drugstore chain in the United States, founded in Scranton, Pennsylvania in 1962. Rite Aid operated over 2,000 stores as of 2022. In October 2023, Rite Aid filed for Chapter 11 bankruptcy due to thousands of lawsuits over opioids and a large debt load. The company announced the closure of nearly 200 stores.
Read More: 20 Grocery Store Rip-Offs You Should Never Buy
2. Bath & Body Works
Bath & Body Works is a retail store chain founded in New Albany, Ohio, in 1990 as the beauty line for Express, Inc. It became the largest bath shop chain in the United States and expanded to 6 continents by 1997. In 2022, Bath & Body permanently closed 48 mall-based locations.
Read More: The 10 Most Overpriced Grocery Stores in the U.S.
1. Footlocker
Foot Locker is a footwear and sportswear retail chain founded in the City of Industry, California in 1974. The company operates in over 40 countries. In 2023, the company announced plans to close 400 North American locations by 2026. Foot Locker will close roughly 200 locations within shopping malls and 200 other underperforming stores.
Read More: These 20 Restaurants Are Closing in 2024Â
