Which well-known retail stores filed for bankruptcy?
Red Lobster, Walgreens, Rite Aid and many other retailers are battling with worsening financials.
For many retailers, this year has been a challenging one.
Both companies and consumers have all felt the pinch of economic strain as recognizable brands announce store closures and bankruptcy filings. Nationwide, customers have already said goodbye to hundreds of physical store locations since the start of 2024, with the number seemingly getting bigger by the day.
Ohio, like the rest of the country, has also had its fair share of store closures in 2024. Here are some of the companies that have planned to shutter locations (or already have done so).
1. LL Flooring (formerly Lumber Liquidators) plans to close four Ohio stores
Four stores in Ohio join a larger selection of 94 total stores that will shut down across the country. The retail flooring company filed for Chapter 11 bankruptcy this week, citing slowing home sales and rising interest rates as reasons for downsizing.
2. Family Dollar closed 35 stores in Ohio
Back in March, Family Dollar announced plans to shutter 1,000 locations nationwide, including 35 stores in Ohio. The move included laying off employees who worked at those locations around April 20. About 600 Family Dollar locations will close in 2024 after Dollar Tree, the parent company, noted that it struggled to meet expectations in 2023.
3. Rite Aid closed dozens of locations across the state
At least 35 Rite Aid locations in Ohio were set to close following the company’s October 2023 bankruptcy filing. Thirteen more Ohio locations were added to the list of store closures in July, adding to the 16 locations announced in June. The drugstore chain cited decreased sales and opioid lawsuits, per USA TODAY. The company also dealt with a security breach that exposed the personal information of millions of Rite Aid customers.
4. Macy’s plans to close 150 stores by 2026
The department store company announced that it would shut down 150 “underproductive” stores by 2026. The move would axe nearly a third of its full-size department stores across the country. So far, 350 remaining stores will remain, but around 50 are expected to close by the end of 2024, The Enquirer reported. Macy’s then-headquarters, situated in downtown Cincinnati, closed in 2020, as well as other locations within the city.
5. Walgreens plans to close more than 90 stores nationwide
The company announced in a media release that it plans to close thousands of locations by 2027. While specific locations weren’t named in the statement, Walgreens closed one of its downtown Cincinnati stores in 2023 and added 91 stores to its list of closures nationwide. The drugstore chain could close up to 25% of its more than 8,600 stores in the next few years.
6. Big Lots will close at least eight stores in Ohio
The discount retailer, headquartered in Columbus, announced plans to close 35-40 stores this year, citing “elevated inflation” and a significant decrease in consumer spending as reasons behind the closures. Of the dozens of stores slated to close nationwide, eight Ohio stores will shut down in Cincinnati, Dayton, and other cities.
7. Two Outback Steakhouse restaurants closed in Ohio
Of the 29 locations in Ohio, two Outback Steakhouses shut down in Findlay and Montrose earlier this year. LeBron and Savannah James mourned the Montrose location’s closure, where the two had their first date. The parent company of Outback, Bloomin’ Brands Inc., announced in February that it would be closing 41 locations.
8. Red Lobster cut bait on nine Ohio restaurants
Red Lobster plans to shutter nine Ohio locations amid its bankruptcy filing. For customers that aren’t ready to say goodbye to cheddar bay biscuits or endless ship deals, there are still 31 Red Lobster locations open across the state.
9. Express closed two locations in the state
The fashion retailer filed for Chapter 11 bankruptcy in April, and plans to close 95 Express stores, including two Ohio stores in Liberty Township and Toledo, listed in a legal filing. The company warned that the bankruptcy filing might put more than 600 workers in Columbus at risk of losing their jobs.
10. Buca di Beppo filed for bankruptcy
Italian restaurant chain Buca di Beppo filed for Chapter 11 bankruptcy, according to a previous report. While there are currently four Buca di Beppo locations in Ohio, the Worthington location is expected to close by April 2026.
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Publish date : 2024-08-16 04:42:00
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