Retailers Are Hemorrhaging: Stores Closing by the Thousands - See the List
GoLocalProv Business Team
Retailers Are Hemorrhaging: Stores Closing by the Thousands - See the List
The cumulative number of retail locations closing is in the thousands. The impact on Rhode Island is growing and, in some cases, is hitting the corporate offices. For example, CVS is closing stores and cutting jobs at its corporate headquarters in Woonsocket.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
"U.S. retailers have announced more than 7,100 store closures through the end of November 2024, a 69% jump from the same time last year, according to recent data from research firm CoreSight. That comes as 45 retailers have filed for bankruptcy protection so far this year, compared with 25 retail bankruptcies for all of 2023, the report found, reported CBS News.
Last week, both Kohl's and Macy's made big announcements, but the list of store closings is growing, looking at 2025.
SEE THE LIST BELOW - UPDATED THROUGH JAN 11, 2025
Retailers Are Hemorrhaging: Stores Closing by the Thousands - See the List
Macy's
Macy’s announced this week the closure of 66 stores but that is just the beginning.
According to Macy’s announcement in February of 2024, the retailer is "closing approximately 150 underproductive locations, including approximately 50 by the end of the fiscal year, and prioritizing investment in approximately 350 go-forward locations and the continued expansion of small-format stores.”
Joann Fabric
Joann Fabrics is expected to close even more stores as it is emerging from bankruptcy.
Joann operates 830 stores in 49 states. The company has already announced that it will be closing six locations in Iowa, Maryland, Massachusetts, New York, North Carolina, and Pennsylvania.
More closures are expected.
Walgreens
Walgreens announced the closing of 1,200 stores in 2024 and is expected to close 500 locations in the 2025 fiscal year, and the total closures will amount to 1,200 by the end of 2027.
PHOTO: Sachina Hobo, Unsplash
Kohl's
Kohl’s announced they are closing 27 stores in early 2025.
Foot Locker
Foot Locker announced in 2023 that it would be closing 400 stores in North America by 2026 as it rebranded.
Those closings are ongoing now.
Gamestop
A report from Reuters in March 2024 predicted a bleak future for GameStop. First, they closed about 300 stores, but a number of locations continue to shutter.
The Container Store
The Container Store has filed for bankruptcy due to quarterly losses and rising debt levels that have impacted investor confidence and led to its imminent delisting, according to the Wall Street Journal.
The retailer has a store located at Garden City in Cranston. Presently, the bankruptcy is not expected to impact that location.
The chain operates 102 stores with an average size of approximately 24,000 square feet in 34 states and the District of Columbia.
PHOTO: Container Store
Walmart
Multiple Walmart stores closed in 2024, according to reports – including a pair of stores in California and one in Maryland.
One Walmart location closed in Ohio and another pair of stores closed in San Diego.
More are expected in 2025.
PHOTO: GoLocal
CVS
The company is in the midst of closing 900 stores. The plan was announced three years ago.
PHOTO: Iris Yan, Unsplash
Party City
The company is going into bankruptcy and closing all of its remaining stores — the company had approximately 6,400 full-time and 10,100 part-time workers as of 2021.
The company once had 800 stores.
Starbucks
Starbucks will close several stores in 2025 as the company looks to "optimize operations."
The total number of closures has not been disclosed.
Dollar Tree
Dollar Tree is planning to close select underperforming locations in 2025.
In March of 2024, the company announced the closure of 400 stores.
Big Lots
The home goods retailer first announced it was closing all of its locations in 2024. It filed for bankruptcy protection in September.
It prepared to close all of the 900 remaining locations. Then, it secured a sale to a private equity firm in late 2024.
That firm acquired around 200-400 stores and plans to operate under the Big Lots brand. The other locations are being closed.
Family Dollar Store
The company announced it would close 600 of its discount stores in March 2024.
Another 370 stores are reportedly going to be shuttered in 2025.
PHOTO: JBers Flickr CC: 2.0
