As several stores announce they're closing this year, here's a full list of all the closures amid a bloodbath for the retail industry.
Earlier this month, iconic retailer Macy's announced that it will be closing 150 stores in the next two years. The shock news came as another popular fashion retailer is closing all stores after piling on $10 billion in debt. The announcement from Macy's comes as part of the company's "Bold New Chapter" plan to redesign the company as sales have plummeted, consumer behaviors and preferences have changed, and online shopping has become more popular.
But there are many other stores which are also following the same fate and have have been forced to shut up shop in the coming months due to under performing shops, such as Walgreens, Party City and CVS. But there will be more.
At the end of February, fabric and crafts retailer Joann announced it was going out of business after 80 years in the market. It has 800 stores nationwide across 49 states.
In a statement, the company said: "We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders. We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years."
Earlier the same month, Liberated Brands - which owns Volcom, Billabong, Quiksilver, Spyder, RVCA, Roxy and Honolua - filed for bankruptcy in Delaware, meaning it closing all of its stores across the U.S. The company's chief executive Todd Hymel blamed fast-fashion, ongoing inflationary pressures and high interest rates for the businesses struggles, WWD reports.
He said: "These fast-fashion companies can cater to micro-trends as opposed to the traditional seasonal trend-forecasting retail model. Liberated, and other companies reliant on the traditional retail model, have generally suffered from decreased profit margins after losing part of their overall market share and pricing power to fast fashion."
According to Hymel, Liberated “made the difficult decision to close its corporate offices and lay off approximately 350 corporate employees and approximately 1,040 retail staff” in December.
The month before, a report from Coresight Research, which specialises in the retail and technology industry, said 15,000 stores will close in the U.S. this year alone. It's a prediction of more than double the year before in 2024, where 7,325 closed - the highest number of store closures since 2020.
The stores which are closing across multiple locations across the U.S. in 2025 include:
Neiman Marcus
Saks Global announced it will be closing the historic Neiman Marcus flagship in downtown Dallas at the end of month. The store has been operating for more than a century as the headquarters for the luxury retailer.
In a statement on Monday, the company said: "After more than a decade of negotiations, we received a notice from a landlord to terminate our occupancy, forcing us to close the Neiman Marcus Downtown Dallas location effective March 31, 2025.
"This location has been a beloved institution in the community for more than a century, and we are disappointed to be losing a piece of Neiman Marcus history. For our impacted team members, transfer opportunities to nearby Neiman Marcus locations will be offered where possible, and those who are eligible will be offered appropriate separation packages.”
Joann
In February, Joann announced 800 stores would be closing nationwide across 49 states. It comes after the company failed to find a buyer which would keep its stores open. In the end, it sold all of its remaining assets to financial services company GA Group.
Macy’s
Macy’s Inc. will close 66 stores this year as part of its new strategy that they announced last February. Among the department store closings are the locations downtown Brooklyn, N.Y.; Boynton Beach, Fla.; Philadelphia City Center, and Sunrise Mall in Massapequa, N.Y.
The closures will include some of the most iconic Macy's stores like Los Angeles’ Broadway Plaza. UnionRayo reported that Macy's decline is due to multiple reasons with one of those being the fact that COVID-19 drove shoppers to turn to e-commerce rather than shopping at retail stores.
Liberated Brands
Liberated had a quick and short-lived rise following the Covid-19 pandemic which saw it increase its revenue from $350 million in 2021 to $422 million in 2022. It also more than doubled the amount of stores it had from 67 to 140.
In 2023, Liberated acquired licenses and retail assets for Quiksilver, Billabong, Roxy, RVCA, Honolua and Boardriders from Authentic Brands Group.
Due to financial challenges, the company said it "had to further stretch its accounts payable to conserve liquidity amid growing uncertainty about the future of the business.” In December Authentic Brands Group terminated its licenses. ABG will continue to sell the surf and skate clothing labels by other retailers.
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Kohl’s
Kohl's Corp. is closing its long-standing San Bernardino, California, e-commerce fulfillment center as well as 27 other retail sites in 2025. The downsizing includes shops in New Jersey, Pennsylvania, California and Texas.
Chief executive Tom Kingsbury said: “We always take these decisions very seriously. As we continue to build on our long-term growth strategy, it is important that we also take difficult but necessary actions to support the health and future of our business for our customers and our teams.”
Walgreens
In October, Walgreens declared it would be closing more than 1,000 under performing stores across the states. Over the next three years, 1,200 will shut in total with 500 expected to be closed by August this year.
Chief executive Tim Wentworth said: "Our financial results in the fiscal fourth quarter and full year 2024 reflected our disciplined execution on cost management, working capital initiatives and capex reduction. In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow, and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future.
"Fiscal 2025 will be an important rebasing year as we advance our strategy to drive value creation. This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term.”
CVS
CVS announced its plan to close 900 stores over three years in 2021, with 300 locations shuttered in 2024. For 2025, the company hasn’t detailed any specific locations but will target stores with redundant coverage or low traffic.
Party City
In December, it was announced Party City, which was founded in 1986, would be shutting its 700 stores by the end of February. announced the closure of its 700 stores by Feb. 28. The company blamed inflation and changes in customer spending for its demise.
