The American retail landscape is losing some of its most cherished names in 2024, marking the end of an era for generations of shoppers who grew up browsing these familiar aisles. Since the COVID-19 pandemic first shook our shopping habits in 2020, many beloved retailers have struggled to adapt to a new reality shaped by inflation, changing consumer preferences, and the unstoppable rise of online shopping. Here are fifteen iconic retail chains bidding farewell in 2024:
Big Lots
From furniture and seasonal decor to everyday goods, Big Lots has been a familiar destination for generations of bargain hunters. Now, this retail mainstay faces a pivotal moment in its history. After filing for Chapter 11 bankruptcy in September, Big Lots plans to close over 340 stores this year, with more than 50 locations already quietly disappearing from its online directory.
The closures come as part of a sale agreement with a Nexus Capital Management LP affiliate, marking the end of an era for many communities where Big Lots has long been a neighborhood fixture. However, amid this transition, the company has prioritized its workforce. Big Lots has filed motions in court seeking approval to continue employee pay and benefits while also ensuring payments to key vendors to maintain smooth business operations.
Dollar Tree’s Family Dollar
Being the second-largest variety store chain hasn’t saved Dollar Tree’s Family Dollar stores from the effects of inflation. The retail giant has announced plans to close 600 locations in 2024, including 370 Family Dollar stores and 30 Dollar Tree locations when their leases expire. This sweeping closure, affecting 15% of their total locations, comes in response to significant losses in their latest earnings reports.
The impact of these closures extends beyond retail statistics. Many communities rely on these stores not just for affordable shopping options but also for local employment. Confirmed closures span multiple states, with Mississippi facing the most extensive closures at 22 locations.
Other confirmed closures include six stores in the Philadelphia area, multiple locations in Missouri, Virginia, and North Carolina, as well as stores in Kansas, Nebraska, New Jersey, Ohio, South Carolina, and West Virginia. The chain’s struggles have been compounded by rising shoplifting incidents and shifting consumer behavior as shoppers increasingly explore diverse options for finding the best deals beyond traditional discount stores.
Rite Aid
Once a familiar sight on American street corners, Rite Aid’s dramatic downfall marks one of retail’s most notable casualties of 2024. The pharmacy chain, which was once the third-largest drugstore retailer in the United States with over 5,059 stores in 2008, saw its fortunes take a sharp turn despite experiencing a temporary sales boost during the COVID-19 pandemic.
The company’s mounting challenges culminated in a Chapter 11 bankruptcy filing in October 2023, overwhelmed by a massive $8.6 billion debt and more than 1,600 lawsuits related to its alleged role in the opioid crisis. The company has since emerged from bankruptcy in 2024 as a private entity, but not without significant changes. While initial plans called for closing 154 stores, Rite Aid has ultimately shuttered more than 520 locations — approximately a quarter of its 2,111 stores that were operating at the time of the bankruptcy filing. The restructuring process has eliminated $2.0 billion of debt, and the company has secured $2.5 billion in exit financing to support ongoing operations.
Bob’s Stores
After nearly seven decades of serving northeastern communities, Bob’s Stores, a beloved retail chain known for its discounted brand-name merchandise, is closing its doors forever. Founded in 1954, the retailer built its reputation by offering quality apparel, footwear, and workwear at budget-friendly prices.
However, the retailer’s fate was sealed with its bankruptcy filing in June 2024, announcing the permanent closure of all its locations. The bankruptcy proceedings also affect its sister company, Eastern Mountain Sports, with several of its locations slated for closure.
For generations of cost-conscious shoppers, Bob’s Stores represented more than just a retail outlet – it was a reliable destination for affordable, brand-name merchandise. Despite its loyal customer base and long-standing presence in the retail landscape, the chain ultimately succumbed to financial pressures, marking the end of an era in northeastern American retail.
Express
Express Inc., a mall staple known for its workwear and party clothing that grew from a single Limited Express store in 1980 to become one of America’s largest specialty fashion retailers, faced a dramatic downturn in 2024. The company’s troubles began surfacing in August 2023 when it laid off 150 employees as part of a cost-cutting initiative. By October 2023, financial pressures mounted significantly, leading the company to issue a bankruptcy warning to its stakeholders.
The situation reached a critical point in April 2024 when Express Inc. officially filed for Chapter 11 bankruptcy protection, announcing the closure of about 95 Express stores and all UpWest stores. The retailer’s financial distress was so severe that it required emergency funding from lenders to maintain operations during the bankruptcy proceedings.
The company faced significant challenges as it sought to secure a buyer, with the possibility of complete liquidation if a deal couldn’t be reached. In June 2024, a resolution was found when PHOENIX received court approval to acquire Express operations, marking the end of an era for the independent retailer.
99 Cents Only
99 Cents Only Stores, a pioneer in single-price retail since 1982, has shuttered its 371 locations in 2024. The chain’s collapse, affecting 14,000 employees, came after struggling with what Chief Executive Mike Simoncic described as “significant and lasting challenges.”
The retailer’s downfall wasn’t sudden but rather a culmination of multiple factors. While the COVID-19 pandemic dealt a heavy blow, the chain also grappled with shifting consumer preferences, relentless inflation, and substantial inventory losses from both shoplifting and employee theft. Administrative errors further compounded these challenges, making recovery impossible despite the company’s four-decade legacy of serving price-conscious shoppers. Hilco Global is now overseeing the liquidation of all merchandise, fixtures, furnishings, and equipment across the chain’s locations.
The Body Shop
The Body Shop, a leading name in ethical cosmetics and skincare since 1976, is facing a dramatic downsizing of its retail footprint in 2024. Following the collapse of its U.K. operations, The Body Shop Canada sought creditor protection on March 1, 2024, announcing the closure of 33 stores from its network of 105 locations.
The U.S. division faced an even steeper decline, completely ceasing both physical and online operations before filing for Chapter 7 bankruptcy liquidation. The brand’s financial downturn reflects broader retail challenges, particularly the impact of high inflation on middle-class consumers, who formed The Body Shop’s core customer base.
Despite maintaining profitable operations in North America, the company’s financial structure proved to be its undoing. A cash-pooling arrangement that directed funds from North American branches to the U.K. head office left the regional operations unable to access their capital when needed most, creating a critical gap in their ability to pay creditors and suppliers.
Soft Surroundings
Soft Surroundings, known for its comfort-focused women’s clothing and luxe bedding, became the latest retailer to exit the brick-and-mortar landscape in 2024. The company’s challenges began surfacing between 2022 and 2023, when it closed 30 of its more than 70 locations due to declining performance.
In September 2023, facing continued financial strain, the company filed for Chapter 11 bankruptcy and announced the closure of all remaining 44 stores. While the physical locations ceased operations in February 2024, the brand itself found a fitting new home. Coldwater Creek, owned by global apparel powerhouse Newtimes Group, acquired Soft Surroundings’ catalog and e-commerce operations, ensuring that loyal customers can still access their favorite products online.
rue21
In a familiar turn of events, rue21 faced its third Chapter 11 bankruptcy filing in 2024, marking another chapter in the specialty casual apparel retailer’s tumultuous history. The company initially announced a complete shutdown of operations, affecting all 540 locations across the United States, with liquidation sales running through May.
However, what seemed like the final curtain call for the beloved teen fashion retailer turned into an unexpected revival story. YM Inc., a major player in the U.S. fashion industry, stepped in with a strategic acquisition of rue21’s assets. The fashion house breathed new life into the brand by reopening seven stores in Tanger Outlet centers, with ambitious plans to resurrect 120 more locations. This acquisition not only saved the brand from complete dissolution but also preserved a portion of rue21’s retail presence in the American fashion landscape.
Conn’s
Conn’s, founded in 1890 in Beaumont, Texas, grew from a single plumbing store to become a major retail chain specializing in home appliances, furniture, electronics, and home goods across 15 states.
In December 2023, Conn’s acquired Badcock Home Furniture & More, expanding to roughly 500 locations. However, this expansion proved fatal. On July 2024, the company filed for Chapter 11 bankruptcy protection, citing assets and liabilities between $1-10 billion. Conn’s then announced the closure of all nearly 600 Conn’s and Badcock locations and began liquidation sales. Following the bankruptcy filing, Conn’s was delisted from Nasdaq on August 2024.
The closure marks the end of a 134-year-old retail institution that survived the Great Depression but ultimately succumbed to modern retail challenges, inflation, and acquisition struggles.
The Container Store
The Container Store, a prominent player in home organization retail since 1978 that transformed how Americans approached home storage solutions, filed for Chapter 11 bankruptcy protection in December 2024. The retailer’s innovative approach to merchandising and its curated selection of storage and organization products created a unique niche in the retail landscape.
However, by late 2024, With $230 million in debt obligations and merely $11.8 million in cash reserves, the company’s financial structure proved unsustainable. However, the bankruptcy filing does not include the retailer’s Elfa business in Sweden. Though The Container Store has assured customers that all 102 stores would continue operating during the bankruptcy process, this development represents a dramatic turn for a retailer that had previously been celebrated for its employee-first culture and industry-leading benefits.
The bankruptcy filing is part of a planned recapitalization transaction that is expected to last approximately 35 days and would result in the company becoming a private entity that has the capability to secure $40 million in new financing.
Party City
After nearly four decades of bringing joy to celebrations across America, Party City announced the closure of all its locations by February 2025. The retailer, which operated 748 stores and employed over 12,000 people, initiated a “wind-down process” in December 2024, which affected not only its retail footprint but also its wholesale operations and digital presence.
The collapse of Party City in 2024 represents one of the most significant retail casualties of the post-pandemic era. After filing for bankruptcy in January 2023 and emerging with $1 billion less in debt, the company’s attempted resurrection proved short-lived.
The party supply giant ultimately succumbed to persistent inflation pressures and shifting consumer spending patterns, especially through the rise of online party supply retailers, discount stores expanding their celebration sections, and a fundamental shift in how Americans approach celebrations post-pandemic.
American Freight
Red Lobster
The iconic seafood chain that introduced countless Americans to seafood dining since 1968 faced significant challenges in 2024, announcing the closure of 99 locations across multiple states, with 23 more locations that were scheduled for closing by August 31, 2024. The restaurant’s financial struggles were notably exacerbated by its “Ultimate Endless Shrimp” promotion, which proved unsustainable despite price increases, resulting in an $11 million loss.
Despite attempts to modernize its menu and operations, including the introduction of new menu items and delivery services, the chain struggled with changing consumer preferences and rising operational costs. A problematic sale-leaseback agreement created significant cost pressures, while high executive turnover under Thai Union’s management and the decision to reduce shrimp suppliers to just Thai Union further complicated matters.
The closure of these locations marked a dramatic downsizing for a brand that once operated approximately 650 restaurants nationwide. After filing for bankruptcy with assets and liabilities between $1 billion to $10 billion, the chain will operate approximately 500 restaurants, marking a significant decline for a brand that had become synonymous with affordable seafood dining in America.
TGI Fridays
The restaurant chain that revolutionized the American bar scene in 1965 by creating a singles-friendly environment and later pioneering the “flair” bartending style faced unprecedented challenges in 2024.
The company’s aggressive downsizing led to the closure of 36 locations in January and nearly 50 locations since September, leaving only 164 restaurants in its U.S. portfolio — a dramatic decline from its count of 270 locations at the beginning of the year. Beyond traditional casual dining struggles, TGI Fridays attempted to reinvent itself through ghost kitchens and digital initiatives, but mounting operational costs and changing customer preferences toward fast-casual options proved too challenging.
The chain’s signature red-and-white stripes began disappearing from American neighborhoods at an alarming rate, with a 40% reduction in domestic footprint within a single year, leading to widespread speculation about the brand’s future viability.