Companies Closing Their Doors By 2024

Stores Closing: 24
Business’ Current Value: $150 million* (Accounting Net Worth, 2023)

Those who are surprised that Steak ‘n Shake is closing its doors should not be, as the restaurant has been decreasing for years. The burger restaurant, which is primarily located in the Midwest, has suffered for years, with numerous complaints about its quality and service. In 2021, Steak ‘n Shake declared bankruptcy. According to Restaurant Business Magazine, the McDonald’s competitor has closed eight company-owned restaurants this year and sixteen franchisee outlets.

Stores Closing: 896
Business’ Current Value: $21.5 million* (Asset Value, 2023)

Of course, we couldn’t compile a list of stores closing in 2023 without include this high-profile inclusion. Bed Bath & Beyond was the biggest shutdown of the year, declaring bankruptcy and closing all of its locations permanently on June 30th. Some stores are still holding last-chance bargains, while others have closed their doors permanently. Overstock.com bought the former Target competitor’s assets for $21.5 million, and it will now live on digitally.

Stores Closing: 2 (150 Since 2020)
Business’ Current Value: $11.2 billion* (2019 Revenue)

JCPenney, a department store, has been struggling for some time. It will undoubtedly close two stores in 2023: one in Elkhart, Indiana, and one in Oswego, New York. Though that may not sound so horrible, there’s more. JCP has closed 150 locations since 2020. Although its revenue exceeded $11 billion in 2019, sales have been declining. According to store Dive, the store chain has not “had to release” financial reports “since 2020.” Meanwhile, Kohls, its primary competitor, is on the rise, according to a turnaround plan implemented in 2023 by its new CEO.

Stores Closing: 545 by 2026
Business’ Current Value: $8 billion* (2020 Revenue)

Foot Locker is currently undergoing a “reset,” according to public statements made by corporate executives. As part of that “reset,” the business will close 420 Foot Locker stores and 125 Champs Sports locations by 2026. That is the maximum shutdown cost that FL will face. Furthermore, the footwear business says it will open three hundred “new concept” stores between now and 2026, including locations in and out of malls (Foot Locker’s traditional haunts).

Stores Closing: 487
Business’ Current Value: $749.81 million* (2022 Revenue)

In 2022, Tuesday Morning generated $750 million in revenue but had a negative net income of $59 million, according to Dun & Bradstreet data. As you might expect from those poor figures, Tuesday Morning is closing down. The home décor chain announced in late April 2023 that it would close all of its outlets. That was a reversal from what it said in February, when it announced plans to close half of its stores due to continuing bankruptcy procedures.

Stores Closing: 39
Business’ Current Value: $33.15 billion* (CKE)

Hardee’s is a fast food chain that has had a number of issues. Though famous in the South, Hardee’s declared bankruptcy in the spring of 2023 after closing thirty-nine restaurants. Summit Restaurant Holdings, which owns these franchised shutting businesses, used to have 145 locations but had to close a few of them. Summit’s problems began in late April, when local news outlets reported on a series of closures not only in the South but also in the Midwest.

Stores Closing: 50
Business’ Current Value: $9 billion*

Bath & Body Works is a mall mainstay; it’s difficult to go into an American mall without encountering the olfactory factory. In fact, BB&W intends to increase its footprint, opening ninety new outlets in 2023. It also renovated twenty-five. However, as part of this redesigning, fifty of its existing chains were closed. Essentially, BBWI has to suffer a loss to achieve its 2023 gains.

Stores Closing: 82
Business’ Current Value: $544 million* (2022 Revenue)

Christmas Tree Shops, as the name suggests, is a store that specializes in seasonal décor. Based in New England, this retailer filed for bankruptcy in late spring 2023, announcing its closure. Christmas Tree Shops cited rising interest rates, inflation, and weakening demand as reasons behind its announcement. Currently, the chain is closing shops in twenty states.

Stores Closing: 150 (300 In The U.K.)
Business’ Current Value: $4.337 billion* (2022 Revenue)

For many people in the United States and the United Kingdom, Walgreens is their preferred drugstore. That is why this news will be unpleasant both in the United States and “across the pond,” since Walgreens will close 450 outlets altogether. The chain intends to close 150 locations in the United States and 300 in the United Kingdom, according to disclosures made in its third-quarter results report. Walgreens has 9,000 shops in the United States, but it has yet to reveal which of them will close.

Stores Closing: 5-10
Business’ Current Value: $585 million in 1997*

Unfortunately, ice cream aficionados now have one fewer delicious scoop shops to pick from. Dairy Queen will close several sites in 2023, including one in Illinois and another in Florida, the latter of which has been in business for 60 years. According to the Floridian shop’s owners, the shutdown was due to disagreements with the BRK. The Illinois branch made the same claim, and the business responded that both locations had “operational issues” and did not “meet necessary requirements.”

Stores Closing: 220
Business’ Current Value: $3.86 billion*

Gap, a publicly traded corporation, has been experiencing the same “retail apocalypse” as everyone else, but it will not go down without a fight. It recently appointed the president of Mattel, a highly successful corporation, as its new CEO. Nonetheless, Gap has had to make compromises, including closing failing stores. It will close more than 200 Gap stores by the end of 2023, leaving the company with much fewer stores than it started with.

Stores Closing: 31  
Business’ Current Value: $2.16 billion* (2021 Revenue)

Yes, Party City is still around, but it has had a hard few years. That trend continues into 2023, as the retailer has announced numerous closures this year. Party City stated in February that it was closing twenty-two of its outlets. Two months later, in April, the party products retailer added nine more to the announcement. Both statements followed the retailer’s January 2023 filing of bankruptcy.

Stores Closing: Currently Unknown
Business’ Current Value: $270 million* (down from $47 billion* in 2019)

WeWork, formerly a high-flying tech unicorn, experienced a spectacular descent following a failed IPO attempt in 2019, which revealed massive losses and leadership tensions. Adam Neumann, the company’s co-founder, was fired and paid handsomely. Despite coming public in 2021 at a lower valuation, WeWork faltered as the internet promoted remote work, upending its office-centric business. Intense competition, rising interest rates, and economic uncertainty slowed recovery. In 2023, shares fell by 98%, necessitating leadership changes. WeWork questioned their survival amid rising losses and debt. The company’s difficulties serve as a warning lesson in the rapidly changing field of flexible workspaces.

Stores Closing: 20  
Business’ Current Value: $17.44 billion*

Best Buy is striving hard not to go the way of Circuit City, and it has made some success. Nonetheless, the electronics chain plans to close twenty outlets by 2023, some of which have already closed. The electronics giant said that it would close twenty (or up to thirty) of its large-format stores, replacing them with outlet stores and smaller ideas. Best Buy typically closes fifteen to twenty large-format locations each year when it examines its leases.

Stores Closing: 11
Business’ Current Value: $11.5 billion*

Lidl, a popular bargain supermarket store in both the United States and the United Kingdom, has a brand worth of $11.5 billion, despite its CEO’s vocal complaints about inflation and the advent of internet shopping. Lidl closed eleven shops in 2023, all of which were failing. Stores in Virginia, North Carolina, Pennsylvania, Maryland, South Carolina, and additional Jersey all closed, however Lidl did open (or announce intentions to open) additional locations in North Carolina, Washington, D.C., and Brooklyn, New York City.

Stores Closing: 2 (Or More)
Business’ Current Value: $2 billion* (2021 Revenue)

TGI Friday’s has been a neighborhood favorite since the 1960s, and it struggled, like other franchises, in 2020. It closed one-fifth of its restaurants that year, followed by more in 2022 and 2023. The sit-down restaurant franchise currently operates 289 locations. It announced in the spring of 2023 that it will be closing several TGI Friday locations in Texas and Massachusetts. TGI Friday’s is making a comeback, with a daring plan to open 75 new locations across Southeast and South Asia.

Stores Closing: 4 Stores, 2 Consignment Offices
Business’ Current Value: $210 million*

You may or may not have heard of The RealReal, depending on your attitude toward luxury apparel. The company was formed in 2011 and sells second-hand premium and designer clothing and items. Since 2020, the luxury consignment marketplace has had to significantly reduce expenses, as you might expect. This year, The RealReal stated that it would close four stores and two consignment offices across America to save $2 million in expenditures.

Stores Closing: 7
Business’ Current Value: $261.72 million*

Big Lots, a renowned big box discount brand, is undergoing a makeover. Big Lots understands where its clients are and what works for them, so its new plan is to shift away from urban areas and toward smaller, rural villages. As a result, Big Lots will close seven locations, four in Colorado and three in California, in 2023. Big Lots has historically struggled to reach profitability, so ideally, this new brand strategy will help it, resulting in a fourth-quarter turnaround.

Stores Closing: 9  
Business’ Current Value: $1.32 trillion*

Amazon is a trillion-dollar firm that embodies the image of “blue chip stock,” but that doesn’t mean it can’t trim costs here and there. In 2023, the e-commerce giant will close nine Go stores. Amazon closed four stores in San Francisco, three in Seattle, and two in New York City as it reevaluated its “physical store strategy.” Does this “reevaluation” imply additional closures in the future? Only time will tell.

Stores Closing: 3 in Oregon
Business’ Current Value: $2 billion*

According to Eat This, Cracker Barrel has lost consumers this year, and its restaurant count has also decreased. The Americana-themed restaurant chain closed two locations in Portland, Oregon, this spring. It also closed a location in Bend. According to the corporation, these Oregon restaurants had to close since they were unable to withstand and recover from the world-changing events of 2020.

Stores Closing: 4
Business’ Current Value: $60.87 billion*

Though everyone (or almost everyone) adores Target, the “upscale-version-of-Walmart” store is not immune to closures. In 2023, Target announced the closure of four branches, all of which were in major cities. Target is closing two locations near Washington, D.C.: one in Minneapolis, Minnesota (its hometown), and the last in Philadelphia, Pennsylvania. Target will not close any more stores this year, and it will open twenty new ones, marking a net gain of sixteen.

Stores Closing: 4  
Business’ Current Value: $4.33 billion*

Stores Closing: TBD
Business’ Current Value: $1.3 billion* (Revenue)

David’s Bridal is a formalwear and wedding dress retailer that has gained popularity among American brides. However, for the second time in less than six years, the retailer has forced to declare bankruptcy. If David’s Bridal had not found a buyer, it could have been forced to close its 300 stores by the end of 2023. Fortunately, in July of this year, the retailer was purchased by Cion Investment Corp., and it remains to be seen whether Cion would close any stores to streamline operations.

Stores Closing: 120
Business’ Current Value: $15.5 million* (2023 Sale Price to Dream On Me)

Buy Buy Baby is Bed Bath & Beyond’s baby-oriented subsidiary, so you can imagine its fate, which was the same as its parent firm. However, the business is not out of hope; Dream on Me purchased it for $15.5 million in 2023. Dream on Me, a New Jersey-based seller and manufacturer of baby and toddler products, purchased its intellectual property, but BBB will still have to close 120 of its physical locations, conducting grand “going out of business” deals along the way.

Stores Closing: 39
Business’ Current Value: $43.7 million* (Revenue)

Shoe City has been in operation for more than 70 years. The streetwear store, situated in Baltimore, Maryland, filed for bankruptcy in March 2023 (under Chapter 11). This year, it closed all thirty-nine of its stores in Washington D.C., Virginia, and Maryland. The company’s main reason for closing was that it owed over $16 million in unsecured debt that it was simply unable to repay.

Stores Closing: 2 in America, 13 in Canada
Business’ Current Value: $3.61 billion*

According to Cleveland.com, Nordstrom, a shop known for expensive clothes, will close fifteen stores (together with its sister company, Nordstrom Rack). The fifteen outlets will be placed in the United States and Canada. They will be shut down by the end of 2023, with only two remaining in America. One shop in San Francisco, CA, is closing, with Nordstrom’s executives blaming the decision on the “changing dynamics” of the city’s core.

Stores Closing: 7 in New York
Business’ Current Value: $37.86 billion* (YUM Brands)

Pizza Hut fans in New York have had a tough time in 2023, as the business closed seven shops in the state this year, raising concerns among local media outlets that more closures are on the way. Pizza Hut didn’t provide an explanation for the closures. Restaurants in Ballston Spa, Amsterdam, Gloversville, Monticello, Herkimer, Johnstown, and Cobleskill were all hit. Pizza Hut did not explain why, noting only that the chain “remained committed” to delivering consumers with “outstanding” goods and service.

Stores Closing: 900 by 2024-2026
Business’ Current Value: $95.82 billion*

We’ve heard varying timetables for this major closure plan, with some media outlets claiming it will happen in 2024 and others predicting 2026. Regardless, CVS, a drugstore giant worth billions of dollars, will close 900 shops over the next few years. CVS made this declaration in late 2021, and it has been closing since then. According to the company’s leadership, the closures were caused by an increase in internet shopping as well as a fall in sales.

Stores Closing: 1 (Layoffs Also)
Business’ Current Value: $210.76 billion*

McDonald’s, the world’s largest fast food firm, recently revealed that it was undergoing a significant restructure. According to ABC7NY, hundreds of people may face layoffs before the end of 2023. McDonald’s, the world’s largest fast food firm, recently revealed that it was undergoing a significant restructure. According to ABC7NY, hundreds of people may face layoffs before the end of 2023.

Stores Closing: 2 (Possibly More)
Business’ Current Value: $35.42 billion*

Eat This Not That reports that Kroger is America’s largest grocery operator. However, even large corporations face closures, and Kroger has closed two stores so far in 2023. Both locations in Kroger’s home state of Ohio have closed. According to the Dayton Daily News, a local Ohio publication, Kroger customers should not be concerned, as a larger Kroger store has replaced the two smaller ones that closed. Kroger is aiming to complete a combination with Albertsons by 2024, which could lead to more closures.

Stores Closing: 1
Business’ Current Value: $21 billion in 2022*

Aldi is America’s fastest-growing grocery shop, thanks to its low prices and good assortment. However, even this success story has had to close a few branches. Despite opening forty-nine new stores in 2022, it closed one in Pittsburgh. Locals and employees were surprised when the Lower Burrell, Pittsburgh store closed after fifteen years in business. However, the company soon opened a new, 21,000-square-foot Aldi in New Kensington, so the shock was short-lived.

Stores Closing: 3
Business’ Current Value: $2.28 billion* (Bloomin’ Brands)

Say goodbye to your Bloomin’ Onions—but only if you live in these three areas, according to Eat This. Outback Steakhouse will close three locations in 2023, including two in Hawaii and one in Massachusetts. Outback has recently seen a number of closures, but that does not imply it is out of business. The restaurant brand is working toward an expansion target, declaring in 2022 that it plans to open 75 to 100 new U.S. sites in “the coming years.”

Stores Closing: 11
Business’ Current Value: $3.85 billion*

Sprouts Farmers Market is a rapidly expanding grocery business that has forced to make some cuts in 2023. This year, it announced intentions to open thirty new stores while closing eleven that were not performing well. These “financially underperforming” stores were largely large-format, and Sprouts plans to open “smaller” ones that it thinks would be “more productive,” according to a recent press release.

Stores Closing: 3
Business’ Current Value: $3.1 million* (2022 Revenue)

Green Zebra Grocery is a popular mini-chain of grocery stores in Portland, Oregon, where it originated. Portland people were devastated when Green Zebra announced in the spring of 2023 that it will close all three of its facilities. Green Zebra Grocery is a popular mini-chain of grocery stores in Portland, Oregon, where it originated. Portland people were devastated when Green Zebra announced in the spring of 2023 that it will close all three of its facilities.

Stores Closing: 18
Business’ Current Value: $116.51 billion*

Starbucks said last year, in August 2022, that it would close and phase down eighteen shops. It initially declared that it will close sixteen stores, but this number quickly grew to eighteen. Starbucks has closed or plans to close locations in Los Angeles, Philadelphia, Seattle, Portland, and Washington, D.C. The coffee chain stated that the closures were due to safety concerns caused by high-profile “challenging incidents” in stores, which prompted the leadership to believe that keeping outlets in those areas was risky for customers and employees.

Stores Closing: 13 From 2021-2023
Business’ Current Value: $2.6 billion* (Annual Revenue, 2018)

Red Lobster debuted in 1968 and has since served hungry clients baskets of cheddar bay biscuits, shrimp platters, lobster, and other dishes. In recent years, the inexpensive seafood brand has faced significant challenges. Red Lobster debuted in 1968 and has since served hungry clients baskets of cheddar bay biscuits, shrimp platters, lobster, and other dishes. In recent years, the inexpensive seafood brand has faced significant challenges.

Stores Closing: 450 Speedway Locations
Business’ Current Value: $8.77 billion*

Dunkin’ Donuts is a popular stop for anyone looking for a donut and a cup of coffee, and it has long had outlets within Speedway gas stations. However, in 2020, the chain announced that it would close all of its outlets. Its contract with Speedway’s parent firm had expired, and the cooperation was finished. The closures were completed rather swiftly, with any remaining stragglers closing permanently before the end of the year.

Stores Closing: Up to 120  
Business’ Current Value: $1.805 billion* (2021 Revenue)

Cineworld, headquartered in London, is the world’s second-largest cinema network, with over 9,000 screens spread across ten countries. In 2022, Cineworld filed for bankruptcy in a Texas district court. It said in the filing that it will walk away from 120 theater leases in America, and the court has already allowed it to close 47 of them. So far, closures have occurred in California, Nevada, Missouri, Ohio, and other states, with more expected if Cineworld has its way.