You know what stings? When you’ve got a favorite store that just gets you, but then it suddenly goes and closes down. Whether due to a newer, shinier name in town stealing their customers, the increasing popularity of online shopping over in-store purchasing, missteps by top leadership, a merger with another brand or continued fallout from the pandemic, staying in the black, constantly innovating and fending off the competition is tough in retail. No wonder that some beloved brands decided they couldn’t keep up with business as usual this year, forcing them to pivot to an online-only model; scale way back and close most of their stores; or in a worst-case scenario, go completely out of business.
Here are the 13 retailers that have closed (or are in the process of closing) some — or all — of their stores in 2023.
RetailMeNot first reported on Tuesday Morning closing all its stores for good on May 1. The discount retailer had been in business for nearly 50 years, beloved for their large selection of affordable home décor, accent furniture, bedding, bath, kitchen, toys and seasonal decorations, but today’s challenging retail landscape made it impossible for them to stay in business. We miss you, Tuesday Morning!
Did Tuesday Morning Go Out of Business?
Yes. All stores are closed, and Tuesday Morning has not been resurrected online.
K-Mart was once a staple across the country, and at the height of their popularity, there were more than 2,000 K-Marts open. Sadly, as of press time, only two remain, says Fox5NY, (one remains in Florida, one in New York’s Long Island). Thanks to what pundits say is tough competition from Target and Walmart, a lack of clarity around what the K-Mart brand meant, not enough investment on the e-commerce side, and other choices, the once-mighty retailer has seen their fortunes fall.
Did K-Mart Go Out of Business?
Technically no, with two stores (which we confirmed are still OPEN). Plus, you can still shop K-Mart online.
Bed Bath & Beyond
Hearts broke when Bed Bath & Beyond closed their stores for good in April of 2023. Then, fans of the home goods retailer got a reprieve — of sorts — when they learned that Overstock had purchased Bed Bath & Beyond and brought the bedbathandbeyond.com site back to life, merging the two businesses into one internet-only destination.
Did Bed Bath & Beyond Go Out of Business?
No. Overstock’s purchase of Bed Bath & Beyond ensured that the retailer is alive and well and shoppable online. The physical stores are closed, however.
Sears is owned by the same company as K-Mart, Transformco — and like its sister shop, Sears has also fallen on hard times. There are currently less than two dozen Sears stores still in operation. Pretty shocking considering that at one time, Sears was the world’s biggest retailer.
Did Sears Go Out of Business?
No, although physical stores are few and far between. You can still shop Sears online.
Wait, what? Amazon is going under? No, the internet behemoth is not pulling the plug on their wildly successful business. However, they are closing eight of their 29 Amazon Go physical stores in the U.S. in a cost-cutting measure, CNN shares. Amazon had high hopes for these cashier-less stores, but so far, at least, shoppers haven’t been feeling it.
David’s Bridal has had a rocky time of it of lately and declared bankruptcy in April, but thanks to a sale to Cion Investment Corp, they were able to keep two-thirds of their stores open (and keep 7,000 out of 10,000 employees), Reuters reports. So there are still David’s Bridal physical locations where you can go and try on all the latest looks, and of course, they’re still fully stocked online, as well, so shoppers looking for bridal dresses, bridal party wear, prom attire, accessories and shoes are all set.
Did David’s Bridal Go Out of Business?
Foot Locker is not shutting down, but they are going to overhaul their business. They have announced plans to reduce 10% of their stores (which, in total, includes more than 3,000 Foot Locker, Kids Footlocker, Champs Sports, WSS and atmos stores) by 2026, and 125 Champs Sports stores will be closed this year, says CNN. On the other hand, Foot Locker has expansion plans in the works, too, including an increase in square footage and new format locations.
Did Foot Locker Go Out of Business?
No. Even if a store recently closed by you, Foot Locker remains open and operational both in stores and online. In fact, if you shop online, you can get cash back from RetailMeNot.
Things aren’t looking good for Rite Aid these days, which, according to a September 2023 article in Forbes, has announced plans to close between 400 and 500 of its 2,330+ stores. (For comparison, CVS has nearly 10,000 physical stores and Walgreens has almost 9,000.) Rite Aid filed for Chapter 11 bankruptcy in October 2023. It has secured financing from lenders to keep itself afloat while it reworks its business.
Did Rite Aid Go Out of Business?
Not yet. Chapter 11 bankruptcy means that businesses continue to operate while finding ways (with creditors) to stay afloat. We’ll see how things play out for Rite Aid.
Bed Bath & Beyond owned Buybuy Baby, but unfortunately, Overstock did not save the baby store. That means, per a piece in Today, all 115 of the Buybuy Baby stores were forced to close in 2023. But buybuyBABY’s website recently started advertising a “new adventure” in fall 2023. So stay tuned!
Did buybuyBABY Go Out of Business?
We thought so, but the announcement on its website that it’s “coming back” under “new ownership.” We’re curious to see what happens next.
The home of the Whopper isn’t going out of business, but BK is closing up to 400 locations this year, says the New York Post. The newspaper reports that the business may be doing well internationally but has a fight on its hands in the U.S., thanks to rivals in the fast food and fast casual space.
First, the good news: Regal still has 429 movie theaters open where you can catch all the newest films and Cineworld, Regal’s owners, emerged from bankruptcy this year. The bad news: they unfortunately had to close more movie theaters on top of the closings in 2022.
Kroger and Albertsons
Major supermarket chains Kroger and Albertsons announced plans to merge, and in order to comply with antitrust laws, Fox Business reports the companies have presented a plan to sell 413 of their supermarkets to another business: C&S Wholesale Grocers. This is still a developing story, though, since as of press time, the merger has not been approved.
Christmas Tree Shops
The chain (which was owned by Bed Bath & Beyond) filed for Chapter 11 bankruptcy in May and closed the rest of its locations in August. The chain had originally hoped to keep stores open but failed to meet revenue targets and defaulted on a loan, thus sealing its fate.
Did Christmas Tree Shops Go out of Business?
Yes. All stores have now closed, and Christmas Tree Shops no longer operates online.
And for some good news: The Return of Toys “R” Us
It’s been six years since filing for bankruptcy, but there’s more positive news on the horizon for Geoffrey the Giraffe and friends. In recent years, Toys “R” Us opened a huge, 20,000 sq. foot store at the American Dream mall in New Jersey as well as over 450 Toys “R” Us shops at Macy’s stores. Now, according to Toys “R” Us’ parent company, WHP Global, plans are underway to open up to two dozen more of the beloved toy stores next year as well as spots in cruise ships and airports. Hooray!