Retailers continue to struggle in 2024, with companies announcing location closures nationwide.
Some companies have filed for bankruptcy, which has affected their operations, while others are simply closing locations or not renewing the leases as part of their plans to get ahead financially.
Check out this list of the retailers and restaurants that have shut down so far this year. Is your favorite place on here?
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!1
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Apply for a Discover Cashback Checking account today
Red Lobster
Red Lobster filed for bankruptcy in May, leading to the restaurant chain
shutting down locations across the country and auctioning off the equipment from
more than 50 restaurants.
But the company recently exited
its Chapter 11 bankruptcy with almost 550 locations still open and its cheddar
biscuits on the menu if you can find a new favorite Red Lobster location.
Rite Aid
Rite Aid has struggled since it filed for bankruptcy in October 2023 and its woes have led to store closures to help it pay down debts.
The retailer has been shutting down locations at different intervals since then with some states being affected more than others. Michigan, for example, is losing every single one of its Rite Aid locations while Ohio will lose all but four Rite Aids in the state.
Hardee’s
Restaurants like Hardee’s work with franchisees, which can cause issues when a franchisee is struggling and has to close locations.
In the case of Hardee’s, several stores closed in Illinois while former restaurants in the Joplin, Missouri, area have been converted to another regional restaurant chain.
Get a protection plan on all your appliances
Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.
Whether or not you’re a new homeowner, a home warranty from Choice Home Warranty could pick up the slack where insurance falls short and protect you against surprise expenses. If a covered system in your home breaks, you can call their hotline 24/7 to get it repaired.
For a limited time, you can get your first month free with a Single Payment home warranty plan.
Cracker Barrel
Cracker Barrel has a loyal following for its Southern-inspired food like biscuits and gravy.
But the restaurant wasn’t a hit for everyone as the company shut down locations this year. Cracker Barrel said the closures were just part of its standard business practices.
The Body Shop
The Body Shop was a quintessential retailer at local malls with lotions, soaps, and more for customers to enjoy in a variety of scents.
But issues plagued the company in recent years and it decided to cease operations in the U.S. The UK-based retailer filed for bankruptcy in May and closed all of its locations in the U.S.
Trending Stories
Rue 21
Another popular retailer that could be found in malls across the country also ceased operations due to bankruptcy.
Rue 21 closed all of its stores in the U.S. after filing for bankruptcy in May and deciding to liquidate its assets.
Boston Market
Boston Market has continued to spiral after financial issues in 2023 began to affect its business.
Earlier this year, the company had only around 27 locations left as landlords and state governments pursued the restaurant locations for unpaid bills and other economic issues.
Family Dollar
Dollar stores like Family Dollar are welcomed options if you’re working with a tight budget, but it could be harder to shop at those stores.
The owner of Family Dollar announced closures earlier this year. Six hundred stores are slated to close this year, and additional locations will close in the next few years.
Best Buy
Electronics retailer Best Buy may not have the best news for some customers.
The company shut down 24 stores this year with additional closings to come next year as well. Best Buy described the closings as typical closures based on lease renewal and other economic factors.
Stop overpaying when you shop online
Shopping online has its perks. It's super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don't always work!) and opening tons of browser tabs comparing prices, you can try Capital One Shopping.
Capital One Shopping makes saving money effortless. Just add the browser extension and when you check out, it'll scour the internet for coupon codes to help you save cash. And before you check out at 25+ major retailers, Capital One Shopping will notify you with a friendly pop-up if the item you're buying is available cheaper somewhere else.
Capital One Shopping is free to use and won't show you ads. Add it today and stop overpaying!2
Applebee’s
Restaurant chain Applebee’s shuttered locations across the country as part of its plan to close underperforming locations.
However, Dine Brands owns both Applebee’s and IHOP and plans to test out dual-branded restaurants. This could help cut down on operating costs, with IHOP serving breakfast in the morning and Applebee’s serving dinner at night.
MOD Pizza
Pizza chain MOD Pizza closed down locations earlier this year amid rumors that it was trying to avoid bankruptcy.
The restaurant chain was acquired by the new owner, Elite Restaurant Group, in July, with the hope of keeping MOD Pizza in business.
CVS
Another pharmacy brand that shut down stores was CVS, which also struggled with financial issues.
The retailer closed locations earlier this year, including pharmacies that the company ran in Target stores.
Outback Steakhouse
The bloom may have come off the Bloomin’ Onion at Outback Steakhouse with location shutdowns this year.
The restaurant said it closed locations due to various factors, such as poor sales or decreasing foot traffic.
Tijuana Flats
Tex-Mex restaurant Tijuana Flats succumbed to issues similar to other restaurants, with the chain filing for bankruptcy earlier this year.
At least 11 restaurants closed in different states, with Florida being hit hardest by the closures.
Bottom line
Losing one of your favorite spots can be hard, but it can also help you save money.
Compare prices online for items that your favorite retailer would carry to see if you can save money on essentials by ordering them for delivery instead of going to a store.
You might also want to consider adjusting your budget if you don’t frequent a store or restaurant as much. You could use that money to pay down your debt or save it for a financial goal.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.74%, 24.74%, or 29.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.