Retail apocalypse 2024: All the once-popular stores and restaurants that shuttered locations this year

We kept it very demure this year. We obsessed over skincare and Taylor Swift and stressed over politics and the price of groceries. But 2024 was also a brutal year for businesses, with a record number of once-bubbling retailers and restaurants shuttering left and right.

In the first nine months of 2024, business bankruptcy filings rose 33.5% from 17,051 to 22,762. As shoppers focused more on essential items this year, some budget retailers like Walmart saw more foot traffic, while others struggled to bring people through the doors.

The restaurant industry struggled too, with more people opting to cook at home or hit up more affordable spots for grub like fast food chains. And as diners sought affordable deals, fast food brands battled it out by dropping competitive meal deals throughout the year.

Overall, in 2024, retailers and restaurants, including major chains, saw a staggering number of store closure announcements as bankruptcies rose. Here are some of the biggest brands to downsize this year.

Big Lots

More than 400 Big Lots stores have already shut their doors this year, but just this week, the company announced it would begin going-out-of-business sales at its remaining 963 stores. The retailer filed for Chapter 11 bankruptcy in September.

LL Flooring

LL Flooring Holdings, Inc., previously Lumber Liquidators, announced it was filing for Chapter 11 bankruptcy this year. The chain closed all of its 94 stores in the U.S. and laid off at least 2,000 employees as consumers chose essential purchases over spending money on making home improvements.

Macy’s

Macy’s has been plagued by slow sales this year. In December, it said it will close 65 stores by the end of January, adding to the 50 locations it previously announced would shut their doors. The closures are part of the retailer’s plan to eliminate 150 underperforming stores over three years.

CVS

Pharmacy closures have been a huge issue this year, both for businesses and consumers alike. As pharmacies have struggled against inflation, closing stores has led to “pharmacy deserts” in certain areas. CVS was hard hit by closures this year, with the chain shuttering at least 586 stores in 2024, according to a year-end report from Coresight Research.

Walgreens

Another pharmacy that struggled to hit the mark this year was Walgreens. The chain announced it would close approximately 1,200 stores across the United States as consumer spending at pharmacy chains fell off. At the time, it said the closures will occur over three years, starting with 500 to shutter in 2025.

7-Eleven

Convenience stores struggled this year, too. 7-Eleven, home of slurpees and a quick morning coffee, closed 444 stores. At the time of the announcement, the chain said the closures were due to slower foot traffic as consumers pulled back on discretionary purchases.

Family Dollar

Family Dollar was one budget chain that struggled to stay competitive this year. Even as Dollar General and Dollar Tree, which owns Family Dollar, saw upticks in consumer spending, Family Dollar underperformed. The chain closed at least 1,000 stores across the U.S. in 2024. Dollar Tree said this year that it was considering selling off the business or reinventing it as a new concept.

Red Lobster

While Red Lobster filed for Chapter 11 bankruptcy in May of 2024, the chain also found its footing again, exiting bankruptcy in September with a plan for restructuring. The chain was acquired by investor group RL Investor Holdings LLC, brought on a new CEO, and secured $60 million in new funding. Though over 100 locations closed this year, there are still 544 Red Lobsters operating in the U.S.

Denny’s

As part of a comeback effort, Denny’s announced it would close around 150 underperforming restaurants. In October, it announced that half the restaurants will close by the end of 2024, with the rest to shutter in 2025. The chain is also planning renovation efforts in a program called Diner 2.0, and could ditch its 24/7 operating hours. After the second round of closings, about 1,375 Denny’s restaurants will remain.

TGIFridays

As Americans cut restaurant spending, a once-beloved spot for chicken fingers went bankrupt this year. In November, TGIFridays said the fallout from the pandemic hit the chain too hard and was the “primary driver” of its “financial challenges.” It added that it would use Chapter 11 bankruptcy to “explore strategic alternatives in order to ensure the long-term viability of the brand.” The bankruptcy filing impacted 39 locations that were owned by TGIFridays Inc.

BurgerFi and Anthony’s Coal Fired Pizza

BurgerFi International, which owns BurgerFi and Anthony’s Coal Fired Pizza, closed at least 20 restaurants this year leading up to its Chapter 11 bankruptcy filing. But even as the chains shuttered underperforming restaurants, other locations have clung on. The company has managed to keep its remaining 144 locations up and running, as loyal customers continue to show up.