14 Popular Retailers and Restaurants That Closed Locations in 2024

Retailers continue to struggle in 2024, with companies announcing location closures nationwide.

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 shut down so far this year. Is your favorite place on here?

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

But the company recently exited its Chapter 11 bankruptcy with almost 550 locations still open and its cheddar biscuits on the menu if you can find a new favorite Red Lobster location.

Rite Aid has struggled since it filed for 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 since then with some states being affected more than others. Michigan, for example, is losing every single one of its Rite Aid locations while Ohio will lose 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.

In the case of Hardee’s, several stores closed in Illinois while former restaurants in the Joplin, Missouri, area have been 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 this year. 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 bankruptcy in May 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.

Rue 21 closed all of its stores in the U.S. after filing for bankruptcy in May and deciding to liquidate its assets.

Boston Market has continued to spiral after financial issues in 2023 began to affect its business.

Earlier this year, the company had only around 27 locations left as landlords and state governments pursued the restaurant locations 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 closures earlier this year. Six hundred stores are slated to close this year, and additional locations will close in the next few years.

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

The company shut down 24 stores this year with additional closings to come next year as well. Best Buy described the closings as typical closures based on lease renewal and other economic factors.

Restaurant chain Applebee’s shuttered locations across the country as part of its plan to close underperforming locations.

However, Dine Brands owns both Applebee’s and IHOP and plans to test out dual-branded restaurants. 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 earlier this year amid rumors that it was trying to avoid bankruptcy.

The restaurant chain was acquired by the new owner, Elite Restaurant Group, in July, with the hope of keeping MOD Pizza in business.

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

The retailer closed locations earlier this year, including pharmacies that the company ran in Target stores.

The bloom may have come off the Bloomin’ Onion at Outback Steakhouse with location shutdowns this year.

The restaurant said it closed locations due to various factors, such as poor sales or decreasing foot traffic.

Tex-Mex restaurant Tijuana Flats succumbed to issues similar to other restaurants, with the chain filing for bankruptcy earlier this year.

At least 11 restaurants closed in different states, with Florida being hit hardest by the closures.

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.