Companies Closing Locations Through 2024
This article was originally published on Starandstyle.com
Despite a post-2020 recovery attempt, businesses globally, from local eateries to global giants, have been grappling with challenges, leading to noticeable closures. These shutdowns, capturing media attention, highlight the ongoing struggle within the business world.
We’re bringing you a closer look at which establishments, from your go-to fast food joints to giants like Walmart, are expected to downsize or shutter in 2023 and 2024. Dive into our article to discover if your favorite shops or dining spots made the list.
1. Walmart
How Many Stores Closing: 22
Current Value of the Business: $432.6 billion*
A recent Business Insider report claims Walmart is set to shutter twenty-two of its stores across the United States in 2023. Notable closures include four in Chicago and one in Richmond, Virginia, among others nationwide.
Walmart states the impending closures are attributed to the stores’ lackluster performance. Historically, the company closes stores failing to meet financial expectations. Specifically, the four Chicago locations are closing due to annual losses running into the tens of millions.
2. Steak ‘n Shake
How Many Stores Closing: 24
Current Value of the Business: $150 million* (Accounting Net Worth, 2023)
It’s no shock that Steak ‘n Shake is fading away after years of decline. Predominantly found in the Midwest, the once-loved burger joint has seen its reputation tarnished by quality and service issues.
2021 saw Steak ‘n Shake hit rock bottom with a bankruptcy declaration. To date, eight of their restaurants shut down, alongside sixteen franchise-owned outlets, highlighting stiff competition with giants like McDonald’s, reports Restaurant Business Magazine.
3. Bed Bath & Beyond
How Many Stores Closing: 896
Current Value of the Business: $21.5 million* (Asset Value, 2023)
It’s unmistakable that Bed Bath & Beyond’s closure was a defining shutdown in 2023. Announcing bankruptcy, it marked the end by closing its stores permanently on June 30, making it an unforgettable moment in retail history.
While some outlets offered final sales, others permanently ceased operations. Transitioning from a once formidable Target rival, Bed Bath & Beyond’s journey continues online as Overstock.com acquires its assets for $21.5 million, ensuring its legacy endures in the digital realm.
4. JCPenney
How Many Stores Closing: 2 (150 since 2020)
Current Value of the Business: $11.2 billion* (2019 Revenue)
JCPenney, a notable department store, faces significant challenges, leading to the closure of two outlets in Elkhart, Indiana, and Oswego, New York, by 2023. However, these closures are just the tip of the iceberg for the company’s issues.
Since 2020, JCPenney has closed 150 stores and seen a decline in sales, despite generating over $11 billion in revenue in 2019. The company stopped publicizing its financial reports post-2020.
Meanwhile, Kohl’s, a direct competitor, is experiencing growth, propelled by a new CEO’s strategies in 2023.