Full list of brands that have announced store closures so far this year (2024)

As major restaurant chain Red Lobster files for bankruptcy protection after abruptly shuttering 99 sites, the household name is not the only food or retail icon forced to announce closures this year.

Shockwaves rippled through the catering industry and beyond when Red Lobster closed dozens of sites earlier this month, before filing for Chapter 11 bankruptcy last week. Analysts suggested the blame lay with poor management decisions and costly all-you-can-eat deals offered as the price of shrimp fluctuated then soared. Restaurant bosses were also forced to contend with high inflation pushing up wholesale costs, with rising prices also forcing many diners to eat at home to save money.

Read more: What Is Inflation? Current Inflation Rate, Causes and How to Stay Ahead of Rising Costs

But Red Lobster is not alone; several other food outlets are also closing down. A tough economic climate for businesses and a cost-of-living crisis for consumers has left many stalwarts floundering. Thousands of small businesses have warned they are at risk of closing, but even well-known brands that many Americans have grown up with are also at risk.

Full list of brands that have announced store closures so far this year (1)

Many have filed for Chapter 11 bankruptcy, which is often referred to as a "reorganization" bankruptcy and is effectively a type of protection. It means that creditors usually suspend attempts to collect debts but will have a say on any reorganization plans, while the debtor remains in possession of the business and may even continue to run it with the possibility—depending on court approval—to borrow more money. It is usually offered when businesses have large debts but also earn a sizable income.

Read more: Earn up to 5% Cash Back on Fast Food and Restaurant Spending

As scores of much-loved businesses file for bankruptcy, Newsweek has reached out to the U.S. Chamber of Commerce by email seeking comment on the sheer volume of closures.

Below is a list of chains that have announced closures this year:

Walgreens

Almost 650 workers were laid off, the company confirmed to Newsweek last month, as it underwent a "restructuring" process of closing 150 American stores as part of a paring-down strategy launched in 2023 in a bid to cut costs.

Walmart

Walmart is shuttering nine of its locations in the U.S., blaming financial underperformance for the decision. However, it said it plans to open 14 new sites in 2024.

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Walmart will close five stores in California, as well one each in the states of Colorado, Maryland, Ohio, and Wisconsin.

The news comes after the retail chain shut down four stores in Chicago in 2023, following losses of "tens of millions of dollars a year," the company confirmed in a statement.

Rue 21

The teen fashion chain is set to close all 540 stores after filing for Chapter 11 bankruptcy at the beginning of May.

The Body Shop

Cosmetics and toiletries chain The Body Shop closed all of its U.S.-based operations in March, along with the closures of dozens of its Canadian stores.

Family Dollar

Some 600 Family Dollar stores were shuttered this year, with hundreds more closures planned over the next few years as the discount retailer's location leases come to an end.

Dollar Tree, which owns the brand, said it had made the decision after a "comprehensive review of our store portfolio to identify and address underperforming stores and invest in improved store standards and growth."

Best Buy

Even behemoth Best Buy has not escaped unscathed, with the electronics chain announcing plans to cut up to 15 stores by next year. The company revealed its decision in a quarterly earnings call at the end of February. It comes as 24 stores were shed in the 2024 fiscal year, Chief Financial Officer Matt Bilunas said.

Full list of brands that have announced store closures so far this year (2)

Party City

The party supplies retailer announced plans to close 35 stores after filing for Chapter 11 bankruptcy protection. Some 22 stores were shut in February, with nine more closed in April, and a further four slated for closure this month.

CVS

Hundreds of the drugstore's pharmacies inside Targets were slated for closure and the company also plans to reduce its workforce. CVS said it was part of a plan to optimize the spacing of its sites across the country.

Foot Locker

Underperforming stores in shopping malls were the focus of a shake-up by the sportswear company. Some 400 stores across North America are set to close by 2026, Foot Locker said during its 2023 Investor Day presentation.

Rite Aid

The pharmacy chain closed an eyewatering 520 locations—a quarter of its stores—within just seven months after filing for Chapter 11 bankruptcy, Bloomberg reported on May 3.

99 Cents Only

All 371 U.S. stores run by the discount chain will be shuttered as the business winds down, the company's interim CEO Mike Simoncic announced in April.

"Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds," Simoncic said. "This was an extremely difficult decision and is not the outcome we expected or hoped to achieve."

Express

Clothing chain Express revealed that more than 25 states will lose stores as it closes more than 100 sites after filing for Chapter 11 bankruptcy protection. The closures began last month.

Read more

  • Red Lobster reacts to Vivica A. Fox comment amid closures
  • Walgreens lays off hundreds as store closures loom
  • Disneyland hit by another closure

Uncommon Knowledge

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

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Full list of brands that have announced store closures so far this year (2024)

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