2023 saw the closure of retailers like Bed, Bath and Beyond, and Buybuy Baby.
Even restaurants got involved with Boston Market locations shutting down and franchise owners closing Burger King and Hardee’s locations.
So, what can you expect from your local stores this year? Here are a few that could close their doors in 2024.
If you shop at any of these stores for discount savings, you may want to find other ways to save money.
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Craft store Joann earned plenty of extra business during the pandemic with people stuck at home. People were ready to try new crafts or pick up extra supplies for their favorite hobbies at home.
The company rode its popularity to an IPO and debuted its stock in 2021 at $12 per share.
But Joann has been struggling with declines in sales and layoffs in 2023. The company’s problems are also reflected in its stock price, which is less than $1 per share.
JCPenney is a well-known department store packed with plenty of different options you may need, such as clothes, houseware, jewelry, and more.
However, the retailer could follow other department stores with more closures and struggling sales.
JCPenney declared bankruptcy in 2020 and is still facing sales issues as it tries to pull itself back up and regain footing in the department store market.
Luxury retailers have been under pressure in recent years with inflation and a lack of discretionary spending by consumers.
Some retailers like Nordstrom are bucking the trend and earning profits, but Neiman Marcus is showing lackluster sales that could bring it down.
The company filed for bankruptcy in 2020, but reorganizing may not be enough to keep it afloat in 2024.
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Pharmacy retailer Rite Aid got a boost in sales due to the pandemic, but recent years have not been as kind to the retailer’s balance sheet.
The company still doesn’t have a permanent CEO after the previous holder of the position left in January, which could be causing issues with the business.
But a more significant problem may be debt, with the company announcing in June that it was carrying more than $3 billion in long-term debt on its balance sheet.
Closing stores could be a sign of more problems to come, which is why you may want to keep an eye on Foot Locker. The retailer closed 400 stores in 2023.
These store locations may not be in demand for new tenants, leading to empty spots in regional malls that won’t get filled and could cause issues for other shopping retailers.
You may be a Stitch Fix subscriber who anticipates a subscription box of clothes showing up at your home regularly with new items chosen just for you.
But subscribers like you aren’t as prevalent as they used to be, with the company losing customers who decide to cancel their subscriptions.
Stitch Fix has also seen a decline in earnings and could see a decrease in warehouses if the company completes its plan to consolidate warehouses from five locations down to three.
The Container Store
You may be thinking about becoming more organized in the new year, but double-check your local Container Store locations before you head out to make sure they’re still open.
The retailer reported dismal earnings in November, with quarterly sales falling by 20%.
The company has been trying to turn things around, but it may not be doing so as fast as investors and analysts would hope. That could lead to shaky sales and more downside, pushing The Container Store to more uncontained losses.
Clothing retailer Express is another chain of stores facing continued struggles into 2024. The retailer has seen a decline in sales and is expected to lay off employees in the new year.
The problems at Express are also reflected in the company’s share price, which is around $8 and is in the red compared to when it was first issued in 2010.
Fossil brand watches may be counting down the days before the company potentially declares bankruptcy.
The brand saw a decline in sales in 2023, with operating losses punctuating its earnings report in November.
The decline could indicate that traditional watches may not be a sustainable business.
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Petco got a boost in sales during the pandemic as more people got pets to keep them company while they were locked down at home.
However, the pet retailer has seen some struggles with its debt, causing Petco to focus on paying down debt instead of other things that can help the company grow.
The company is seeing relatively flat sales, so it could be a matter of continuing to provide for customers while trying to get Petco’s debt under control.
Home improvement costs have increased in recent years, mainly because of supply chain issues, which could affect home improvement stores like Lowe’s.
The retailer has seen a decline in sales and income while also having trouble paying its bills on time. Seeing some Lowe’s locations close in 2024 wouldn't be surprising.
Stein Mart is a great discount retailer for items like home goods and clothing, but it’s also battling business issues that could send it to bankruptcy.
The company is behind on all its bills and has hired personnel specializing in restructuring, which could be a sign that it plans to file for bankruptcy sometime in 2024.
Places like Sam’s Club and Costco have great shopping hacks to help you save money, but the warehouse retailer field is competitive, and not every company has found success.
Big Lots is one of those companies that has struggled in recent years with a decline in revenue that could cause problems in 2024.
Watch your local Big Lots and try other local options if the retailer starts showing troubling signs of shutting down.
It’s important to keep an eye on these stores before they close in case you shop there regularly or want to take advantage of deals and discounts.
Consider shopping at closeout sales to save money and pay with one of the best cash back credit cards to save more when you shop.
It’s also wise to consider your budget as you shop at these stores. You may be able to find better deals somewhere else, which could be contributing to stores closing up.
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