cleveland (wisconsin) – It’s been another tough year for restaurants and traditional brick-and-mortar retailers. Several national chains have announced closures and bankruptcies in 2024. Not to mention local small businesses that have quietly closed their doors across the country.
Stores from advanced auto partsto Joan Co., Ltd.announced closures as well as restaurants. red lobster and wendy's.
According to data researched by Coresight, the number of retail store closures in 2024 increased by 69% compared to last year. newsweek.
advanced auto parts
Advance Auto Parts, which has more than 4,700 stores in nearly every state, announced its decision to close more than 700 stores as part of its “strategic plan to improve business performance.”
The company's footprint is expected to be reduced by Advance Auto Parts' 523 corporate stores, 204 independent locations and four distribution centers.
american freight
American Freight will close all of its locations following parent company Franchise Group's move to file for bankruptcy protection, according to documents filed in U.S. Bankruptcy Court in Delaware. The furniture and appliance chain announced that its closing sale is scheduled to begin in November.
big lot
Big Lots filed for Chapter 11 bankruptcy protection in September. After announcing mass store closures, the retailer confirmed earlier this month that it was preparing to close all of its stores.
After a planned sale to a private equity firm fell through, President and CEO Bruce Thorne said in an email to employees that any future store closures would be “unlikely to be sold. If it is successful, it can be withdrawn.”
Bye bye baby
If you prefer to shop directly, say goodbye to Buybuy Baby. The company announced plans to close all stores nationwide in the coming months.
The company said in a statement in October that it would enhance its online shopping experience as it transitioned to an online-only business model. Closing sales are ongoing in remaining stores and online.
CVS
The pharmacy giant was the retailer with the second-highest number of store closures in 2024, according to Coresight.
The closures follow an increasing trend in the industry. A recent study published in Health Affairs found that more than 29% of the approximately 89,000 retail pharmacies in the United States that were open from 2010 to 2020 had closed by 2021. This equates to over 26,000 stores.
drug storeI have dealt withreduced prescription reimbursements, rising costs, and changes in customer shopping habits. Chains are closing loss-making stores and moving prescription files to more profitable locations.
Denny's
Denny's announced it would close 150 of its worst-performing restaurants in an effort to rebuild sluggish sales.
The company said about half of the closures are expected to occur this year and the rest in 2025.
family dollar
early this yearFamily Dollar's parent company announced plans to close approximately 1,000 stores nationwide.
Most of the affected stores were Family Dollar stores, but dozens of Dollar Tree stores were affected as well.
Joan Co., Ltd.
The fabric and crafts company announced in March that it had entered into transaction support agreements with a majority of its financial stakeholders and additional industry financing parties to strengthen its financial position.
JOANN Inc. has more than 800 stores across the United States.
party city
Party City's CEO told employees this month that the company was preparing to go out of business after years of financial troubles. Party City immediately began a closing sale at all of its stores.
red lobster
After filing for Chapter 11 in May, Red Lobster announced it would close more than 100 restaurants across the United States. This process was expected to bring the total number of Red Lobster restaurants in the United States from about 700 to about 500.
Rue 21
Clothing retailer Ru21 announced in May that it would close all 540 stores. The apparel company had filed for bankruptcy protection three times since 2002.
TGI Fridays
TGI Fridays closes approximately 50 stores in the United States
According to CNN, TGI Fridays had 270 locations nationwide at the beginning of the year. In January, the company closed 36 “unprofitable” locations across the U.S. to “focus on streamlining operations.”
true value
True Value, a well-known home improvement company, entered into a sale agreement with Do It Best in October after filing for Chapter 11 bankruptcy.
With the exception of one company-operated store in Palatine, Illinois, all stores are independently owned and are not directly involved in the Chapter 11 filing, so all stores will remain open and our business will not be impacted. .
True Value has an international network of more than 4,500 independently owned and operated stores.
walgreens
Walgreens plans to close about 1,200 stores over the next three years as it attempts to rebuild its struggling U.S. business.
The company announced in October that about 500 stores would close this fiscal year. Walgreens operates approximately 8,500 stores in the United States and thousands internationally. All of the stores closing are in the United States.
wendy's
One of the country's largest fast food chains plans to close 140 stores by the end of the year. Wendy's President and CEO Kirk Tanner recently announced that the company has decided to close 140 restaurants that are “underperforming” and “outdated.”
The chain, known for its burgers and Frosty's, is still fairly large with over 6,000 locations across the country.
Associated Press and Nexstar's Addy Bink and Michael Bartiromo contributed to this report.
