When one of your favorite stores closes, it probably helps you keep more money in your wallet. But that perk is just a tiny silver lining when watching the closure of a great place to shop.
Some store locations shut down due to a lack of business. Other places may close because of issues with the franchisee who owns them.
The following retail chains have been among the most active in recently shutting down locations. Find out if you should worry about the future of your favorite store.
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Shoe retailer Foot Locker announced last year that it plans to close 400 locations by 2026.
Many closed locations are in shopping malls as the company turns its focus to more stand-alone store options.
Bath & Body Works
Finding the best scented lotions or soaps might be a little more difficult for some shoppers. In 2023, Bath & Body Works announced it was closing around 50 locations.
Drugstore Rite Aid filed for bankruptcy in October and announced the closure of many locations as part of the downsizing process.
In all, the retailer announced plans to close nearly 200 stores in the wake of the bankruptcy filing.
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Discount retailer Tuesday Morning filed for bankruptcy early in 2023, leading to the closure of all its locations.
The retailer had almost 200 locations, with a large number of them in the company’s home state of Texas.
Bed Bath & Beyond
Do you miss your local Bed Bath & Beyond store? After the company filed for bankruptcy, it closed all 360 of its remaining locations.
However, you can still shop with the retailer online. Overstock bought the brand, which it continues to operate.
In 2020, Gap announced that it would close 350 Gap and Banana Republic stores through 2023.
The retailer explained the decision was intended to help Gap maintain a smaller (and healthier) fleet of stores.
Retail giant Walmart closed more than 20 stores across the country in 2023.
The company cited poor performance and theft issues as reasons why it chose to close those particular locations.
Party City closed dozens of stores after filing for bankruptcy in February 2023.
Closures included multiple locations in states such as California, Texas, New York, and Michigan.
Drugstore retailer CVS is in the process of closing up to 900 locations as part of a process that started in 2021 and is expected to continue through 2024.
The retailer is reviewing local markets and store density to determine which locations will close across the country.
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Target closed several stores across the country in 2023.
The retailer famously said it was worried about increased theft at several of its locations.
Big Lots announced the closure of stores in California and Colorado.
The store closures were part of a strategic decision by Big Lots to open locations in less-populated areas while closing them in big cities.
Fast-food restaurant Burger King shut down more than 400 stores in 2023 as part of downsizing measures.
The restaurant chain announced it was shutting down aging stores and those not performing well.
Best Buy closed almost 20 locations across the U.S. as it decided to put more of a focus on online sales.
While some stores closed completely, others were remodeled to have a smaller sales floor, with the rest of the space being used to fulfill online orders.
Boston Market closures included 27 locations in New Jersey that shut down after the state found the company owed employees more than $600,000 in back wages.
Meanwhile, the state of Colorado seized Boston Market’s headquarters in Golden, Colorado, in May due to more than $300,000 in unpaid sales and payroll taxes.
Walgreens announced plans last year to shut down nearly 150 stores in the U.S. and double that amount in the U.K.
The pharmacy chain also announced it would cut 10% of its corporate workforce as part of cost-cutting measures.
Coffee shop Starbucks closed around 100 locations in 2023, according to the website Starbucks Everywhere.
The company said store closures are part of its ongoing effort to evaluate store locations and make sure they best suit the needs of Starbucks customers.
Macy’s closed four locations in early 2023 in California, Colorado, Hawaii, and Maryland.
The closings were part of a restructuring first announced by the retailer in 2020 that was set to include a total of 125 closures.
Things weren’t sweet for Godiva after the chocolate company closed all of its 128 locations in North America.
The company cited struggles in the wake of the COVID-19 pandemic as one of the reasons for the closures.
The Children’s Place
The Children’s Place shut down many locations as part of downsizing efforts in 2023.
The clothing retailer for kids closed 100 stores as it pivoted to focus more on online sales to its customers.
Fast-food retailer, Hardee’s saw several locations shut down in eight states after Summit Restaurant Holdings (a franchisee company) declared bankruptcy.
The filing led to 39 franchised locations being shut down in states such as Florida, Missouri, and Montana.
While bidding farewell to a beloved local store can sting, remember that it also presents a rare financial opportunity.
Redirect those saved shopping trips towards proactive money moves, like building up your savings or tackling debt.
Soon, you might find yourself thanking the shuttered doors for paving the path to a more secure financial future.
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