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We got kind of a break from the retail apocalypse in 2022, but now we’re seeing lots more stores closing in 2023, fueled by lots of economic uncertainty.
Lots of store chains — particularly the mall-based ones — are struggling right now, and some are calling it quits. We’ve listed every major chain that’s closing 10 or more stores in 2023, and will keep this updated as news breaks.
It’s probably a good time to brush up on how liquidation sales work, so you can be ready for all the closeout savings that are headed your way.
1. Tuesday Morning is closing all 487 stores.
Tuesday Morning filed for Chapter 11 bankruptcy earlier this year and closed 265 stores, hoping to emerge more financially stable, but that didn’t pan out. Now the remaining 222 stores are shutting down and holding Tuesday Morning liquidation sales — with a target of closing by early summer.
2. Foot Locker is closing up to 420 stores.
Foot Locker’s plan to close up to 420 of their 1,300 North American mall-based stores by 2026 represents a closure of approximately 32.3%. Instead, they’re looking to open around 300 smaller, freestanding stores geared toward kids, “sneakerheads”, and higher-priced items.
3. Burger King is closing up to 400 locations.
Burger King is planning to close 300 to 400 restaurants in the US by the end of 2023, which is 5% to 7% of the total locations in the country. Add to that the 124 closures that have already happened this year, and the total number of Burger King locations in the US will drop below 7,000. The CEO maintains that it’s pretty typical for the company to close “a couple hundred” Burger King locations each year.
4. Bed Bath & Beyond is closing all 360 of their stores.
After struggling for years, Bed Bath & Beyond filed for bankruptcy and is winding down operations. They’re closing all of the 360-or-stores left, and holding Bed Bath & Beyond liquidation sales. Every Bed Bath & Beyond location will close by June 30, 2023.
5. Champs Sports is closing 125 stores.
As part of parent company Foot Locker’s business reorganization, 125 underperforming Champs Sports locations will close before the end of 2023 — representing 1/4 of their total locations.
6. buybuy Baby is closing all 122 of their stores.
As part of Bed Bath & Beyond’s bankruptcy filing, all 122 buybuy Baby stores in 37 states will close. Buybuy Baby liquidation sales will run through June 30, 2023.
7. Journeys is closing 100+ stores.
Footwear, apparel, and accessories retailer Journeys will close over 100 stores next year, exceeding their previous closure plans, due to a decline in sales and changing consumer demand. The increased store closures aim to save the company up to $40 million and allow Journeys to adapt.
8. Bath & Body Works is closing 50 mall stores.
Bath & Body Works plans to close approximately 50 mall stores in 2023, buuuut… they’re also working on around 115 real estate projects during the same time period. The projects include opening approximately 90 new stores not located in malls and redesigning 25 White Barn Candle Company stores.
The closures are happening in the following states: Alabama (1 location), Arizona (2), California (6), Florida (1), Georgia (2), Idaho (1), Michigan (1), Minnesota (2), Missouri (1), Mississippi (1), New Jersey (1), New York (7), Ohio (1), Pennsylvania (2), Texas (2), Virginia (1), and Washington (4).
9. Harmon is closing all 50 of their stores.
Another casualty of the Bed Bath & Beyond bankruptcy is their health and beauty subsidiary, Harmon. All of their remaining 50 stores will close by the end of June 2023 as part of the company’s wind-down.
10. Shoe City is closing all 39 of their stores.
Shoe City, a Baltimore-based retailer of footwear, apparel, and accessories, filed for bankruptcy on March 31, 2023, and is closing all 39 of its stores, including ycmc.com. The stores are expected to close by May 31, 2023, and the company is currently running a “Going out of Business” sales event, with no returns, exchanges, or refunds being accepted.
11. Party City is closing 31 stores.
Party City, the popular party supplies retailer, has been hit hard by the pandemic and supply-chain challenges. They’ve filed for Chapter 11 bankruptcy protection and will close 31 total stores in 2023, which is about 3.8% of their total 823 locations.
12. Best Buy is closing up to 30 stores.
Best Buy plans to close 20 to 30 of their stores in 2023 — which is a little higher than their normal pace of 15-20 closures per year — and they’re gonna open eight smaller concept stores and 10 outlet locations. They haven’t announced where and when these openings or closures will occur. Don’t expect liquidation sales; Best Buy would likely transfer product to other stores or to be sold via BestBuy.com.
13. Walmart is closing 22 stores.
It’s been reported that Walmart will close 22 stores across 12 states and Washington, D.C. in 2023. Walmart is set to close a mix of Supercenters, Neighborhood Markets, and Pickup-only stores. The affected stores are located in Arkansas (1), Georgia (2), Florida (1), Hawaii (1), Illinois (7), Indiana (1), Minnesota (1), New Mexico (1), Oregon (2), Texas (1), Washington (1), and Washington, D.C. (1). The decision to close four locations in Chicago in April was based on financial losses, while the Portland stores were not meeting financial expectations and reportedly experienced record theft.
14. Nordstrom is closing 15 stores.
Nordstrom says they’re getting out of downtown San Francisco due to crime, and they’re closing their flagship store and their Nordstrom Rack location there. They’re also closing all 13 of their Canadian locations.
15. Christmas Tree Shops is closing 10 stores.
Christmas Tree Shops filed for Chapter 11 bankruptcy on May 5, and is closing 10 underperforming stores out of their total 82 stores — a 12% reduction. Liquidation sales are starting at 10-30%, with the biggest discounts on fall/Halloween seasonal merch. There are two stores closing in Massachusetts, New York, and Pennsylvania, each, plus a store each closing in Florida, Georgia, Michigan, and Virginia.
Keep an eye out for these chains to announce store closures:
GameStop is closing all 35 locations in Ireland.
GameStop doesn’t have plans to close stores in the U.S., but many times, a company moving out of another country is a sign of things to come domestically (we saw that with Bed Bath & Beyond, which exited Canada first). GameStop closed 1,000 stores in 2021, but in 2023, they’re closing all 35 locations in Ireland. Keep an eye on them.
David’s Bridal is laying off 9,000 workers before August.
David’s Bridal has filed for bankruptcy and is up for sale. They’re laying off 9,000 people this summer, and although no store closures have been announced, you’ll have to wonder if those layoffs will result in stores being closed. But even if not, if David’s Bridal gets a new owner, it’s common for new owners to close some stores to get the company out of bankruptcy. So keep an eye on this one.
