These 16 Popular Retailers and Restaurants Closed Locations in 2023

2023 saw the end of the line for some store and restaurant locations nationwide.

While a closed location might help you keep more money in your wallet, it's disappointing to realize that one of your favorite places to shop or eat suddenly has gone out of business.

Check out this list to see if a retailer or restaurant closed near you.

Like other fast-food chains, Burger King works on a franchise model. That means individual franchise owners are responsible for the success of local restaurants and keeping them in business.

However, some franchisees ran into trouble in the U.S. in 2023, leading to the closing of some Burger King restaurants.

From Michigan to Utah, multiple locations shut down due to franchisee issues in more than a half-dozen states.

Walmart has over 10,000 locations nationwide, but some stores didn’t make it to the end of 2023.

The retailer closed locations in more than a dozen states, including in places such as Wisconsin, Oregon, and Georgia.

Illinois saw eight locations closing down. Four of those eight locations were in Chicago, with Walmart noting that those stores lost millions of dollars over the years.

Hardee’s locations shut down in over a half-dozen states, including Kansas, Missouri, and Montana.

The most significant loss was in Georgia, where 14 locations closed down. The locations included two restaurants in the college town of Athens.

The owner of Boston Market filed for bankruptcy in 2023, causing chaos as the chain shut down restaurants throughout the country.

Locations closed in five states in 2023: New Jersey, Georgia, Delaware, Florida, and Colorado. The state of Colorado also seized Boston Market’s headquarters in Golden, Colorado, due to the company’s financial obligations.

Last March, Best Buy’s CEO Corie Barry announced the closing of more than a dozen Best Buy locations throughout the country. She noted that some of the company’s retail sales had moved online, which accounted for some of the closures.

Customers may have noticed closings in more than a half-dozen states, including Texas, California, and Tennessee.

Sears has been closing locations for several years now, and the trend continued in 2023.

The retailer closed stores in four states: North Carolina, Pennsylvania, Louisiana, and Colorado. You can still shop at Sears locations, but your options are limited to around a dozen stores across the country.

There wasn’t much to celebrate when Party City filed for bankruptcy. Instead, the retailer closed more than 30 locations in 17 states.

The shuttered stores included four locations in Michigan and California each and seven in New York.

Target announced several closings in 2023, covering more than a half-dozen states from California to New York.

The retailer said a pattern of theft was a factor in some of the closures.

Walgreens was one of several drugstore retailers that closed stores across the country in 2023.

The pharmacy chain announced the closure of 150 stores, with rolling shutdowns through August 2024. So, keep an eye on your local Walgreens to see if it could be among the stores closing.

Rite Aid is another pharmacy that closed several locations in 2023.

The company closed 25 stores in the first fiscal quarter of 2023 due to issues such as poor performance or lease renewal problems.

Bed Bath & Beyond closed down stores when it went out of business in 2023. The retailer shut down its 360 stores this year after declaring bankruptcy.

Retailer Overstock bought the brand and has already relaunched it online.

Bed Bath & Beyond owned buybuy Baby, which also was swept up in bankruptcy.

The retailer had 120 locations throughout the country that ended up closing down as part of the bankruptcy of its parent company. However, new ownership has resurrected the buybuy Baby brand online and in almost a dozen stores.

The parent company of footwear retailer Journeys decided to reduce its presence in malls, which meant some stores had to close.

Genesco, the company that owns Journeys, announced last May that it would shut down 100 stores.

Steak ‘n Shake shut down several locations as the restaurant continues to decrease its spaces throughout the country.

The company’s total number of restaurant locations has fallen below 500 for the first time since 2012.

CVS was another pharmacy retailer that shut down locations throughout 2023.

The retailer said it had too many stores in some areas and needed to reduce its footprint.

In 2023, Pizza Hut shut down seven locations in New York, state-owned by franchise company NPC International.

But the state still has around 150 Pizza Hut locations for fans to enjoy. Pizza Hut has closed hundreds of locations since it filed for bankruptcy in 2020, although the closures in New York reportedly are unconnected to the bankruptcy.

It is tough to see a beloved store or restaurant close. But such closures can also work to your advantage: Having one less place to spend your money helps you get ahead financially.

Think about putting that extra cash in a high-yield savings account to start the new year on a solid financial footing.