2024 Retail Closures: Major Chains Shutting Down Locations Nationwide, Including Ohio
Several well-known companies have announced major closures and bankruptcies in 2024, affecting stores and restaurants across the U.S., including some in Ohio. Below are some of the biggest names making waves with their downsizing plans:
Advance Auto Parts
Advance Auto Parts, with over 4,700 stores nationwide, revealed plans to close more than 700 locations as part of a strategy to improve business performance. This includes the closure of 523 corporate stores, 204 independent locations, and four distribution centers.
American Freight
American Freight, after its parent company Franchise Group filed for bankruptcy protection, will be closing all its locations. The chain, which operates multiple stores in Northeast Ohio, began closing sales on November 5.
Big Lots
Big Lots, which filed for Chapter 11 bankruptcy protection in September, has closed or announced the closure of 494 stores, nearly 36% of its national footprint. The company plans to shutter roughly 550 stores by the end of the year.
Buybuy Baby
Buybuy Baby announced the closure of all its stores, transitioning to an online-only model. The retailer will focus on strengthening its online shopping platform, with closing sales already underway at remaining locations.
Denny’s
In an effort to improve sales, Denny’s plans to close 150 underperforming restaurants. The closures will occur over the course of two years, with half of them expected by the end of 2024.
Family Dollar
Family Dollar’s parent company revealed the closure of 35 Ohio locations, including about a dozen in Northeast Ohio, as part of a national plan to close 1,000 stores. This move affected approximately 260 employees.
JOANN Inc.
JOANN Inc., the popular fabric and craft retailer, is working to strengthen its financial position and announced that it had reached a transaction agreement with key financial stakeholders. The company operates over 800 stores across the U.S.
Red Lobster
After filing for bankruptcy, Red Lobster is closing several locations, including the one in Strongsville, Ohio, at Southpark Center. The company plans to shut down 129 restaurants nationwide, with 23 closures expected in the latest round.
TGI Fridays
TGI Fridays has shut nearly 50 stores across the U.S. as part of an effort to streamline operations. The chain had 270 locations at the beginning of the year, and closures of underperforming restaurants will continue.
True Value
True Value, a home improvement retailer, filed for Chapter 11 bankruptcy in October but will continue operations as usual. All stores will remain open, as they are independently owned, except for a single company-owned store in Palatine, Illinois.
Walgreens
Walgreens has announced it will close about 1,200 locations over the next three years. This move is part of a larger effort to revitalize its U.S. business, with the first 500 closures expected in the current fiscal year.
Wendy’s
Wendy’s, headquartered in Dublin, Ohio, plans to close 140 underperforming locations by the end of the year. With 6,012 locations nationwide, this decision marks a significant shift for the fast-food chain.
These closures and bankruptcies highlight the shifting retail landscape, with some of the country’s most recognizable names struggling to adapt to changing consumer habits and market pressures.
