MJP –
Several well-known companies have announced widespread closures and bankruptcies in 2024, with significant impacts on locations in Ohio.
Among them are national retailers and fast food chains that are scaling back operations as part of restructuring efforts or financial challenges.
Advance Auto Parts
Advance Auto Parts, with over 4,700 locations across the U.S., has announced plans to close more than 700 stores as part of a strategic effort to enhance business performance. The closures include 523 corporate stores, 204 independent locations, and four distribution centers.
American Freight
American Freight, owned by Franchise Group, filed for bankruptcy protection in Delaware and will close all of its stores. The chain, which has multiple locations in Northeast Ohio, began liquidation sales in early November.
Big Lots
Big Lots filed for Chapter 11 bankruptcy protection in September, leading to the closure of 494 stores, nearly 36% of its locations. Over 140 closures have already taken place, and the company expects to shut down a total of 550 stores as part of its financial restructuring.
Buybuy Baby
Buybuy Baby will close all of its physical stores as it transitions to an online-only business model. The retailer, known for baby products, announced the closures in October, with remaining stores holding going-out-of-business sales.
Denny’s
Denny’s is closing 150 of its lowest-performing locations as it works to improve its sales performance. Half of the closures will occur in 2024, with the rest slated for 2025.
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Family Dollar
Family Dollar, part of Dollar Tree, will shut down 35 locations in Ohio, including several in Northeast Ohio. This follows the company’s broader plan to close 1,000 stores nationwide as part of a larger restructuring.
JOANN Inc.
JOANN Inc., a major fabric and craft retailer, entered into a Transaction Support Agreement in March to improve its financial position. While the company has not announced large-scale closures, it continues to focus on strengthening its business.
Red Lobster
Red Lobster, which filed for Chapter 11 bankruptcy in May, will close 23 locations nationwide, including one in Strongsville, Ohio. This brings the total number of closures to 129 locations across the country.
TGI Fridays
TGI Fridays has closed nearly 50 locations this year, including 36 “underperforming” restaurants, as part of a plan to streamline operations. The chain had 270 locations in January and continues to adjust its footprint.
True Value
True Value, a home improvement retailer, filed for Chapter 11 bankruptcy protection in October. While the company’s operations remain largely unaffected, it is in the process of selling to Do It Best, which will not affect the independently owned stores.
Walgreens
Walgreens is set to close about 1,200 locations in the next three years as it works to revamp its struggling U.S. business. This move will include approximately 500 store closures within the current fiscal year.
Wendy’s
Wendy’s, headquartered in Dublin, Ohio, plans to shut down 140 underperforming locations by the end of the year. The fast food chain, famous for its burgers and Frostys, has 6,012 locations across the country. The closures are part of a broader effort to improve the customer experience by focusing on newer, more efficient locations.
As these closures and bankruptcies unfold, many of these companies are working to reshape their business models or reduce losses. The closures will have significant implications for workers and communities, especially in Ohio, where some of these brands have a strong presence.
