Macy’s is seriously struggling like many other retail stores. Every year they close more stores, and 2023 will be no exception to this unfortunate trend. This year alone, the iconic brand has plans to close more than 125 stores across 18 states. And it appears that even more closures are on the horizon.
According to the company's plan, there are still upwards of 70 stores that are potentially slated for closure. While the company has no drastic changes currently in mind for its online business, this might be the beginning of the end when it comes to brick-and-mortar Macy's stores.
Jo-Ann Fabric actually had a pretty good last few years. With more people staying at home than usual, it was the perfect time to pick up a new craft, and many of those aspiring DIY-ers headed to their local Jo-Ann's to pick up the supplies they needed to create something beautiful.
However, as things return to normal, the craft supply giant has been struggling. So far, it's been reported that Jo-Ann Fabric will close at least eight stores in 2023. While that doesn't sound like a lot, there's talk that this is just the beginning of the company's problems and that they may be on the road to bankruptcy.
The drug store chain Rite Aid has been struggling quite a bit in the last few years. In 2022 alone, the business closed more than 140 stores nationwide. However, this doesn't seem like it was enough to help keep the chain afloat, and even more closures are expected in 2023.
According to the company's CFO Matt Schroeder, the 2022 closures did help reduce costs for the company, so they plan on continuing that trend. That's not great news for people who shop or work at the affected Rite Aid stores! We'll just have to wait and see how many stores get the axe this year.
Regal Cinemas has just not been able to rebound from the hard economic hit the movie theater chain took during the pandemic. Currently, the brand's parent company, Cineworld, is in the midst of bankruptcy proceedings, and things are not looking good for the business.
The judge overseeing the case has strongly encouraged Cineworld to pick up the pace when it comes to theater closings and negotiations with the landlords involved. So far, the company has shuttered 23 theaters, but that number is expected to grow by quite a bit as 2023 progresses.
J.C. Penney has been struggling. Last year, they closed numerous stores, but it all came to a head this year. J.C. Penney filed for bankruptcy and is now planning to close 240 stores. This is 30% of its 846 stores.
Most of these locations will be closed quickly -- before the summer. The rest of them will shut down by 2022. This is an attempt to restructure so J.C. Penny isn't necessarily going under just yet. Much of this is due to the COVID-19 crisis, which hit retailers especially hard.
Everyone loves donuts, but apparently not as much as we used to. Dunkin’ Donuts just released a statement that they had to close 450 stores, most inside gas stations and outlet stores. The statement seemed to focus on the fact that Dunkin’ isn’t suffering, but rather looking to put these stores in better places.
These stores are set to close by the end of the year. The brand hasn’t yet declared bankruptcy, but closing 450 isn’t a small number. While we would understand closing some inside of outlet stores, gas stations haven’t been closed during the pandemic. That means they didn’t see a dip in sales because of COVID-19.
Family Dollar was purchased by Dollar Tree in 2015, but that couldn’t save it. This year, 390 stores will be closing. Along with that, 200 other locations will turn into a Dollar Tree.
As if that weren’t enough, Dollar Tree is considering a price increase. Two Dollar Tree doesn’t have the same ring. The Family Dollar brand may not last much longer at this rate.
Target has a lot of competition thanks to Walmart and Amazon. This year, six stores are closing. Recently, Target has been focusing on online sales rather than in-store sales in an effort to compete with the bigger retailers that are leading the market.
That being said, COVID-19 wasn’t devastating for everyone. Target has seen a huge uptick in customers. According to Target’s website, sales growth has been increasing, so we don’t suspect many more closings.
Lowe’s has to compete against Amazon, Walmart, and Home Depot. That’s a lot of competition. In response to dropping sales, it’s taking the axe to 51 locations, 20 in the United States and 31 in Canada.
Lowe’s still has over 2,000 locations spread across the two countries, but that doesn’t mean they’re out of the woods. They were also forced to lay off thousands of workers late last year in an attempt to save money.
Bed Bath & Beyond
Bed Bath & Beyond may be opening 15 new stores, but they’re closing up way more. Last year, they shut down 60, and this year, 41 more stores are closing for good.
Even though they offer coupons, some people find that the items are too expensive and not worth the money. Execs say they’re willing to open more stores, but landlords need to offer the company better leases.
One of the biggest hits recently was the bankruptcy of one of the largest Pizza Hut franchisees. NPC International filed for Chapter 11 bankruptcy following the prolonged shutdown of COVID-19. A total of 1,200 Pizza Huts are going to shut down in 27 states.
This accounts for nearly 40,000 employees. The group has been struggling with the pandemic and shutdowns since everything began. Overall, it’s accrued a debt of nearly $1 billion. The brand has other locations, but they've been in conflict with NPC International since the shutdown. The franchisee claims they'll shut down the remaining 900 stores if Pizza Hut doesn't change its policies.
Subway hasn’t announced how many stores it will be closing this year, but they’re definitely closing some. The chain has already closed 866 stores, and this year, the company will shut down more than 1,100 locations.
The brand claims it’s opening more stores overseas, but year-over-year, location numbers have been falling. Subway also laid off 300 at the corporate headquarters earlier this year. That trend is only to accelerate due to COVID-19.
Walgreens will close 200 stores this year. That’s a pretty big number, but it really only represents around 3% of the locations in the United States.
The company made this decision to achieve “increased cost efficiencies.” The fact of the matter is that Walgreens is having trouble like every other retailer out there.
Chuck E. Cheese
Chuck E. Cheese used to be the happening place for kids, but not since the pandemic hit. The restaurant’s fallen on hard times. Since restrictions were set in place, the restaurant has lost 90% of its profits. On top of that 11 locations were shut down.
Then, the other shoe dropped. In June 2020, Chuck E. Cheese filed for bankruptcy. The brand decided that it would close 34 more locations in addition to the 11 it already shut down. So far, it’s just a Chapter 11 bankruptcy, but only time will tell if this turns into a full shut down.
The Children’s Place
Where will we buy clothes for our kiddos? The Children’s Place is another brand that’s struggling to compete with online sales. Several stores have had to close due to falling profits.
Back-to-school won’t be the same now that up to 45 locations are closing. For the past few years, the retailer has been working toward closing 300 stores, so expect more on the way.
Cheesecake Factory is struggling because people are gearing toward healthier food. Because of this, the chain decided to close 10 stores for this year.
That was just the start of the problems for this restaurant. Due to COVID-19, Cheesecake Factory had to shut down its stores. It also had to tell landlords that it couldn’t pay rent. That’s the sign of a restaurant ending.
Kmart is going under. We’ve seen it for a while now, and we’re honestly surprised that they’re still around. Last year, they shut down 53 stores. This year, they're planning on cutting another 45 locations.
The closures aren’t going to stop, and many people are suspecting Kmart to take a total plunge soon. The only surprising thing about the store closures is that there are 45 more stores to close.
Walmart is literally everywhere, and new stores are popping up all the time. At the same time, the retail giant is closing 17 locations across the United States. So far, 10 of these include Neighborhood Markets.
The others are full-sized stores in Louisiana, New Hampshire, Tennessee, Texas, Virginia, Washington, and Arizona. Turns out that battle with Amazon is a little harder than Walmart originally thought.
After Shopko’s bankruptcy, Kohl’s is in a better place than most. Add that to the fact that they aren’t in a mall, and you’ve got a good situation. Still, Koh’s is closing eight of its stores this year.
The company says they’re doing this to balance out new store openings. In addition to that, Kohl's has partnered with Amazon, allowing you to make returns in some locations.
Wendy’s is another restaurant that’s closing a lot of stores. The same franchisee, NPC International, that owned 1,200 Pizza Huts also owned 400 Wendy’s locations. Because of this, these 400 Wendy’s locations are shutting down in the same 27 states.
Considering there are over 6,700 Wendy’s locations, the brand won’t see a huge dent in profits. Some people will just have to drive a little farther for their Baconator. The bankruptcy comes after state-wide shutdowns from the COVID-19 crisis.
When you want to order office supplies, you go to Amazon. Few people think of Office Depot when they need pens nowadays. In order to survive, the office supply company decided to close up to 90 locations for this year.
This is the final part of a three-year plan that will close 300 Office Depot and OfficeMax stores in total. However, the business has had a recent influx of customers following the pandemic. This could be good news for the store., but only time will tell.
Things aren’t looking good for Sears. It’s been selling off brands to stave off bankruptcy, but it didn’t quite work. Last year, they closed 93 stores, including the one in Minnesota’s Mall of America.
This year, another 51 locations are under the axe. Unfortunately, we don’t see things getting much better for Sears. They’ve been on the chopping block for a while, so many aren’t surprised.
Dressbarn has been around for 60 years, but it’s cutting its losses this year. The parent company, Ascena Retail Group, decided to close the chain and focus on more profitable brands.
All 650 locations will be shutting down this year. That isn’t too surprising for many as the company filed for bankruptcy just last year. It was their attempt to restructure $6.6 billion in debt.
Chipotle hasn’t opened new locations in over a decade, so closing stores is a pretty big deal. This year alone, they closed 50 locations. Stocks were heading upward, so people assumed good things.
However, earlier this year, Chipotle was forced to file for Chapter 11 bankruptcy to restructure debt. All we know is that the food quality better improve if they expect to last much longer. No more making customers sick!
CVS grew too quickly, and that’s rarely a great plan for retailers. It usually follows by mass closures. Last year, they closed 46 stores across 16 states. Now, their plan is to close another 22 stores.
This number represents a small percentage of the 9,600 locations in the United States, but one of the cuts included the world’s largest CVS, which stretched over 64,000-square-feet.
Southeastern Grocers may not seem familiar, but Winn-Dixie, Bi-Lo, and Harveys may ring a bell. Owned by the same brand, Southeastern Grocers, all of these stores are suffering due to Amazon’s growth.
In 2018, the brand filed for Chapter 11 bankruptcy to restructure its debt and reduce it by $500 million. It apparently wasn’t enough because Southeastern Grocers were forced to close 22 stores just this year.
This year, GNC has a plan to close as many as 900 stores, mostly due to the fact that the company hasn’t been profitable in a while. This is coming on top of closing 192 company-owned and franchised locations last year.
It’s just easier to purchase your supplements and nutritional powders elsewhere – not to mention cheaper in many instances. GNC needs to reassess things before it goes down completely.
Topshop is a British fast-fashion chain that came to America in 2009. Jay-Z and Kate Moss endorsed the brand, but it wasn’t meant to be. The stores have been struggling quite a bit to survive.
After over 10 years, it’s already planning to make an exit by closing 11 stores in the United States. Topshop’s parent company has even filed for bankruptcy. It won’t be long before the whole thing comes toppling down.
Starbucks expanded pretty quickly, but not all locations are working out. This year alone, Starbucks is closing 150 underperforming stores. While doing this, they’re also opening new shops where there aren’t any Starbucks.
Starbucks is also battling Luckin coffee in China, vying for domain. So far, Luckin has been winning the battle, so Starbucks may have to shut down many more stores in the coming year.
Pier 1 Imports
Pier 1 is getting squeezed out. Last year, the company closed 145 locations. After last holiday season, sales dropped a shocking amount and things haven’t gotten much better since.
Early this year, Pier 1 applied for Chapter 11 bankruptcy. The brand was then on a mad dash to find a buyer to stay afloat. Unfortunately, the COVID-19 crisis kept it from doing so. In May, Pier 1 made the final decision to close all 540 locations for good.
GAP used to be the coolest store around, but not so much anymore. Last year, GAP closed 230 locations. Along with that, Old Navy is breaking off into its own stand-alone store. Other brands remained under the brand, but that’s just the start of it.
With COVID-19 causing retail stores to close, GAP has had an even harder time. Over 250,000 stores were forced to closed, and even worse, sales dropped more than 50%. This could end with GAP disappearing.
Forever 21 announced last year that would have to file for bankruptcy. Along with this, it’s closing 350 stores worldwide this year, and ceasing operations in 40 countries, including Canada.
The brand helped create the “fast fashion” trend, but it wasn’t enough. As people move to online sales, Forever 21 realized that traditional stores just won’t make it.
Victoria’s Secret made some pretty shocking remarks recently, and customers responded by not buying. Now, the brand is suffering. The business decided to change its tastes, statements, and store locations. This year, Victoria’s Secret will close 53 locations.
Due to the pandemic, some are suspecting that even more stores will close. Much of this is due to the fact that brick-and-mortar locations are often located in malls, which were shut down for an extended period of time.
Gymboree declared bankruptcy in 2017 and attempted a new strategy. Unfortunately, the company was no match for Amazon, Walmart, and Target. Sales still fell, and the brand was unable to draw new customers.
Then, as if that weren’t enough, Gymboree filed for bankruptcy once again, also declaring that it would be shutting down roughly 800 Gymboree and Crazy 8 stores.
Barney’s New York
Barney’s New York filed for bankruptcy! The luxury store started off the year on the wrong foot by filing for Chapter 11 while simultaneously closing 15 stores.
Many are surprised since the company has been around since 1923 and has been a staple for many peoples’ wardrobes. Turns out that even high-end brands can’t succeed in this market.
Chico’s is another company that’s fallen to Amazon. Instead of traditional brick-and-mortar stores, Chico’s is moving all of its sales online since it’s a lot cheaper than owning actual storefronts.
Because of this, the company will be closing at least 250 locations this year, but it could be more. This is part of a three-year plan to decrease their physical locations.
Lord & Taylor
Lord & Taylor has lost its relevance. It’s one of the oldest department store chains in the United States, founded in 1826, and sometimes it feels like it.
The company recently announced there will be 10 store closures. In an effort to stay afloat, it’s trying to come to a partnership with Walmart to offer Lord & Taylor items through Walmart’s website.
Abercrombie & Fitch
Some remarks made by representatives of Abercrombie & Fitch has put the business in hot water. Couple that with the fact that malls are in trouble, Abercrombie & Fitch may not last much longer.
This year, the company announced it would close as many as 40 locations. On top of that, most of its employees were furloughed due to COVID-19. It’ll be hard for A&F to pick up the pieces afterward.
Department stores are having a hard time in this economy. Along with other major retail chains, Nordstrom is being forced to close some of its locations just to get profits back on track.
Last year, Nordstrom was forced to shut down nearly 50 brick-and-mortar shops. This year, Nordstrom closed down 16 of it’s 116 full-price stores and is working on restructuring its debt.
J. Crew is having a harder time than many of us could have imagined. Recently, the brand was forced to file for Chapter 11 bankruptcy, a way to restructure its debt, business affairs, and assets.
Unless there are some major changes, we can see J. Crew going completely under. The only way to do this is to drastically cut costs. It’s already trying this by closing 20 stores, but that number could double following the bankruptcy.