14 Popular Retailers and Restaurants That Closed Locations in 2024

Companies announcing location closures nationwide further highlights the strain retailers continue to face. 

Some companies have filed for bankruptcy, which has affected their operations, while others are simply closing locations or not renewing the leases as part of their plans to get ahead financially.

Check out this list of the retailers and restaurants that have closed locations over the last year. 

Red Lobster filed for bankruptcy in May 2024, leading to the restaurant chain shutting down locations across the country and auctioning off the equipment from more than 50 restaurants.

But the company exited its Chapter 11 bankruptcy in September 2024. With almost 700 locations globally, there's still a chance to grab some cheddar bay biscuits. 

Rite Aid has struggled since it filed for Chapter 11 bankruptcy in October 2023, and its woes have led to store closures to help it pay down debts.

The retailer has been shutting down locations at different intervals with some states being affected more than others. Michigan, for example, lost every single one of its Rite Aid locations while Ohio lost all but four Rite Aids in the state.

Restaurants like Hardee's work with franchisees, which can cause issues when a franchisee is struggling and has to close locations.

Although some locations were closed, others may be converted to another regional restaurant chain. 

Cracker Barrel has a loyal following for its Southern-inspired food like biscuits and gravy.

But the restaurant wasn't a hit for everyone as the company shut down locations in 2024. Cracker Barrel said the closures were just part of its standard business practices.

The Body Shop was a quintessential retailer at local malls with lotions, soaps, and more for customers to enjoy in a variety of scents.

But issues plagued the company in recent years and it decided to cease operations in the U.S. The UK-based retailer filed for Chapter 7 bankruptcy in 2024, and closed all of its locations in the U.S.

Another popular retailer that could be found in malls across the country also ceased operations due to bankruptcy.

Rue21 closed all of its stores in the U.S. after filing for Chapter 11 bankruptcy in May 2024, and decided to liquidate its assets.

Boston Market has continued to spiral after years of financial issues began to affect  business.

In late 2024, the company had less than 20 locations left as landlords and state governments pursued recompense for unpaid bills and other economic issues.

Dollar stores like Family Dollar are welcomed options if you're working with a tight budget, but it could be harder to shop at those stores.

The owner of Family Dollar announced that six hundred stores were slated to close in 2024, as well as additional locations in the next few years.

Electronics retailer Best Buy may not have the best news for some customers.

The company shut down 24 stores during the 2024 fiscal year. Best Buy described the closings as typical closures based on lease renewal and other economic factors.

Up to 15 closings are anticipated in 2025's fiscal year, in addition to introducing stores with a smaller floor plan.  

Restaurant chain Applebee's shuttered locations across the country as part of its plan to close restaurants in, "struggling trade areas," according to a statement. 

Dine Brands owns both Applebee's and IHOP, and introduced the dual-branded restaurant format to customers in the U.S. in 2024. This could help cut down on operating costs, with IHOP serving breakfast in the morning and Applebee's serving dinner at night.

Pizza chain MOD Pizza closed down locations in 2024, while denouncing rumors that it was trying to avoid bankruptcy.

In July 2024, Elite Restaurant Group acquired the restaurant chain with the hope of keeping MOD Pizza in business.

Another pharmacy brand that shut down stores was CVS, which also struggled with financial issues.

Standalone locations as well as pharmacies operated within Target stores were announced as part of the 2024 closures. 

The bloom may have come off the Bloomin' Onion at Outback Steakhouse with 41 restaurant closures announced last year.

The restaurant said it closed locations due to various factors, such as sales and trade traffic.

Tex-Mex restaurant Tijuana Flats succumbed to issues similar to other restaurants, but was able to bounce back with new owners, Flatheads LLC. In 2024, the chain filed for Chapter 11 bankruptcy, but emerged in January 2025. 

Losing one of your favorite spots can be hard, but it can also help you save money.

Compare prices online for items that your favorite retailer would carry to see if you can save money on essentials by ordering them for delivery instead of going to a store.

You might also want to consider adjusting your budget if you don't frequent a store or restaurant as much. You could use that money to pay down your debt or save it for a financial goal.