These Retail Chains Shuttered Stores Or Went Out Of Business In 2023

ACROSS AMERICA — Several national discount, department store and specialty chains planned to close thousands of stores in 2023 and into 2024 as they wrestled with inflationary pressures, filed for bankruptcy or adjusted their business models to reflect changes in consumer shopping habits.

Minneapolis-based retailer Target blamed organized retail crime for the October closure of nine store closures in the New York, San Francisco, Seattle and Portland, Oregon, areas. Previously, Target closed four stores with declining foot traffic — one each in Philadelphia and its hometown of Minneapolis and two in Washington, D.C.

Others, including pharmacy giants CVS, Walgreens and Rite Aid, also closed stores in 2023 and some plan to close more in 2024. Their reasons varied.

Walgreens plans to close 150 stores by the end of August 2024. The Deerfield, Illinois-based drugstore chain cited slowing demand for COVID-19-related services among other factors. Walgreens did not say which among its 9,000 stores nationwide would close.

Struggling under slumping sales and heavy debt from opioid-related litigation, the Rite Aid drugstore chain said in October it was accelerating the closure of some underperforming drugstores while it restructures under Chapter 11 bankruptcy. In all, 154 locations were affected. A month later, Rite Aid said it was closing 31 more stores. In all, 185 locations were affected.

And CVS Health closed more of its stores closed as the company adjusts its business plan to reflect changing populations and buying patterns. CVS is in the second year of the three-year plan to close 900 stores by the end of 2024.

Here’s a look at other changes in the retail landscape in 2023:

Bed Bath & Beyond: The home goods retailer came back from the dead in digital form after Overstock.com acquired $21.5 million in intellectual property assets from the beleaguered chain. Still, the chain planned to shutter 896 stores as part of its bankruptcy filing, according to NBC News. The closures included 360 flagship stores, 120 Buy Buy Baby stores, and 416 Bed Bath & Beyond, Harmon and Buy Buy Baby stores that were set to close.

In August, the new owners of Buy Buy Baby, announced plans to reopen 11 stores in the Northeast, and the new owner of the health and beauty chain Harmon said it would reopen at least five stores, CNBC reported.

Foot Locker: The shoe store said it would shutter 545 stores, including 125 of its Champs Sports locations by 2026, as part of a “reset” that includes opening about 300 “new concept” stores, according to Business Insider.

Tuesday Morning: In February, Dallas-based discount home goods retailer Tuesday Morning announced plans to shutter half its stores amid bankruptcy, but then said in April it would close all of its stores. In all, 487 stores were affected.

Christmas Tree Shops: The Boston-based seasonal specialty retailer Christmas Tree Shops cited slowing demand, inflation and rising interest rates in its May bankruptcy filing. The chain, which previously had closed 10 stores, said it was going out of business and would close its remaining 72 locations in 20 states.

Banana Republic: Banana Republic and its parent company, Gap, said about 350 stores would close in 2023 and that it would end the year with about 866 stores.

Party City: Party City filed for bankruptcy in January, announced in February it would shutter 22 store closures, and added another nine to the list in April.

Walmart: The retail giant, which has been closing a handful of underperforming stores each year, said it was shuttering 23 stores across a dozen states, according to a Business Insider report.

Best Buy: The electronics retailer said it would close between 20 and 30 big box stores in 2023, while opening eight smaller concept and 10 outlet stores. The company did not say what specific stores would close, but typically closes between 15 and 20 a year, Business Insider reported.

Moosejaw: Dick’s Sporting Goods, which acquired the outdoor retailer Moosejaw, headquartered in Madison Heights, Michigan, from Walmart in February, said in September it would close 11 of its 14 Moosejaw stores by early 2024, the Detroit Free Press reported.

Lidl: The German discount grocery chain, closed 11 of its 170 U.S. stores in six states, citing underperformance. Lidl opened stores in Washington, D.C., and Greensboro, North Carolina, and planned to open another in Brooklyn, New York.

Amazon: In reevaluating its physical store strategy, Amazon said in March it would shutter nine of its Go locations — two in New York, three in Seattle, and four in San Francisco, according to Business Insider.

Big Lots: Seven Big Lots stores — three stores in California and four in Colorado — were scheduled for closure in 2023 as the discount chain shifts its emphasis to small towns from urban areas, Business Insider reported.

Macy’s: The department store closed four locations closed in California, Colorado, Hawaii and Maryland as part of the company’s three-year plan to close 125 stores.

JCPenney: The department store planned to close three stores in Oswego, New York; Elkhart, Indiana; and Detroit Lakes, Minnesota, in 2023, MSN reported. Since 2020, the department store chain has closed more than 150 stores. With the closure, 663 stores remain.