4 Online Retailers That Are Likely To Go Bankrupt and Close In 2024

It hasn’t been a good year for some retailers who closed their doors after declaring bankruptcy as shoppers cut back on spending to try and save money.

Rue 21, for example, shut down all of its stores after filing for bankruptcy in May, while Expres filed for bankruptcy in April and closed several locations as part of its announcement.

Online retailers also haven’t been immune to financial struggles in the industry, so you should keep an eye on these online stores that are likely to declare bankruptcy before the end of the year.

Stitch Fix customers receive boxes with everything they need for the perfect outfit — including shirts, pants, and shoes.

The company has been struggling due to declining sales and is struggling to get out of debt. But Stitch Fix brought on a new CEO earlier this year who has been implementing new programs that he hopes could turn around the online retailer’s woes.

Wayfair makes it easy to have furniture shipped to your home, office, or anywhere else you need new pieces for your space.

But the company has been struggling this year. The company laid off 1,650 employees in January and announced in October that it would shut down a warehouse in Kentucky over the next year.

Wayfair’s CEO blames the company’s financial issues on hiring too many people during the COVID-19 pandemic when sales increased dramatically.

You can check Groupon for good deals on plenty of items and experiences in your area, but the company isn’t having a great experience with its revenue.

Groupon has struggled with its recent earnings, including a surprisingly negative quarterly report from earlier this year. That could be bad news as the company tries to hold on and turn around its economic woes.

One online retailer that has already filed for bankruptcy was Parts ID. The company sells parts for cars, trucks, and campers.

Parts ID cited supply chain issues and other economic woes as reasons for declaring bankruptcy when it filed for Chapter 11 bankruptcy.

Several companies weren’t looking good financially at the beginning of the year but have improved enough to get out from under the dreaded bankruptcy umbrella.

Rent the Runway, for example, is an online clothing retailer that rents clothes to customers. The company was struggling earlier this year but has recently bounced back with a strong outlook for the future.

Some companies either sold part of their operations or all of their company to stave off bankruptcy.

Online meal kit company Marley Spoon was also facing dire times before it sold its U.S. operations to FreshRealm to reduce costs.

Luxury online retailer Farfetch completed its sale to Coupang Inc. in January in order to stay afloat and the company was delisted from the New York Stock Exchange.

Online retailers may be struggling, but that could help if you want discounts and deals as retailers try to stay afloat.

Check out your favorite online sites for deals and discounts that can help you save money on essentials or things you’ve wanted to buy, as you may get a great deal from some retailers.