Which well-known retail stores have filed for bankruptcy?
Red Lobster, Walgreens, Rite Aid and many other retailers are struggling with deteriorating financial conditions.
This year has been a challenging one for many retailers.
Both businesses and consumers have felt the effects of the economic strain, with well-known brands announcing store closures and bankruptcy filings. Nationwide, customers have already said goodbye to hundreds of physical store locations since the start of 2024, and the number seems to be growing by the day.
Ohio, like the rest of the country, will see numerous store closings in 2024. Here are some of the companies that have planned (or already have) to close locations.
1. LL Flooring (formerly Lumber Liquidators) plans to close four stores in Ohio
Four Ohio stores are part of a larger selection of 94 stores being closed across the country. The flooring company filed for Chapter 11 bankruptcy this week, citing declining home sales and rising interest rates as reasons for the downsizing.
2. Family Dollar closed 35 stores in Ohio
Back in March, Family Dollar announced plans to close 1,000 stores nationwide, including 35 stores in Ohio. The move included laying off employees who worked at those locations around April 20. About 600 Family Dollar stores will close in 2024 after Dollar Tree, its parent company, found it was struggling to meet expectations in 2023.
3. Rite Aid has closed dozens of locations across the state
At least 35 Rite Aid stores in Ohio were scheduled to close in October 2023 following the company’s bankruptcy filing. Thirteen more Ohio stores were added to the list of store closures in July, in addition to the 16 stores announced in June. The drugstore chain cited declining sales and opioid lawsuits, according to USA TODAY. The company also struggled 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 it would close 150 “underperforming” stores by 2026, eliminating nearly a third of its large department stores across the country. So far, 350 stores are set to remain, but about 50 stores are expected to close by the end of 2024, The Enquirer reported. Macy’s then-headquarters in downtown Cincinnati closed in 2020, as did other locations in the city.
5. Walgreens plans to close more than 90 stores nationwide
The company said in a press release that it plans to close thousands of locations by 2027. Although the statement did not name specific locations, Walgreens closed one of its downtown Cincinnati stores in 2023, adding 91 stores to its list of nationwide closures. The drugstore chain could close as many as 25% of its more than 8,600 stores over the next few years.
6. Big Lots will close at least eight stores in Ohio
The Columbus-based discounter said it plans to close 35 to 40 stores this year, citing “increased inflation” and a significant decline in consumer spending as reasons for the closures. Of the dozens of stores set to close nationwide, eight Ohio stores will be closed in Cincinnati, Dayton and other cities.
7. Two Outback Steakhouse restaurants closed in Ohio
Of the 29 locations in Ohio, two Outback Steakhouses closed earlier this year in Findlay and Montrose. LeBron and Savannah James mourned the closure of the Montrose location, where the two went on their first date. Outback’s parent company, Bloomin’ Brands Inc., announced in February that it would close 41 locations.
8. Red Lobster lures nine restaurants in Ohio with bait
Red Lobster plans to close nine Ohio locations as part of its bankruptcy filing. For customers who aren’t ready to say goodbye to Cheddar Bay Biscuits or endless ship deals, 31 Red Lobster locations are still 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 stores in Liberty Township and Toledo, listed in a legal filing. The company warned that the bankruptcy filing could put more than 600 workers in Columbus out of work.
10. Buca di Beppo filed for bankruptcy
Italian restaurant chain Buca di Beppo has filed for Chapter 11 bankruptcy, according to an earlier report. While there are currently four Buca di Beppo locations in Ohio, the Worthington location is expected to close by April 2026.
