15 Big Box Retailers That Are Closing Multiple Stores This Fall

Dark clouds are emerging all over the U.S. economy. This fall, many events can make the outlook even grimmer for companies. That’s why many major retail chains are shuttering multiple locations right now. Some brands are taking an extra step to ensure their financial stability in the near future, so they are eliminating underperforming stores from their system before they impact their long-term profitability. At the same time, many others are in the process of liquidating their inventory and going out of business this fall. That’s the case with Bed Bath & Beyond. Bankrupt since April, the big-box home retailer had been trying to restructure its business. But prospects for a revival were looking bleak.  Continued below the vid

In an updated bankruptcy plan, the chain reiterated the bad news to shareholders. It said in an agreement that eliminates particular interests or claims related to Bed, Bath & Beyond that those holding these interests will not receive any compensation or benefits. Put simply, shareholders will leave empty-handed. Wedbush analyst Michael Pachter pointed out that the company’s debt exceeded its assets even after Overstock paid $21 million for the intellectual property for the Bed, Bath & Beyond brand a few months ago. On September 12, the company finally confirmed that it would liquidate all of its assets and close all of its remaining 360 stores, across 40 states. Similarly, mass store shutdowns and layoffs are on the horizon for JoAnn Fabrics. This month, the retailer confirmed more store closings for 2023 and staff layoffs at its corporate office. A spokesperson for Joann, Amanda Hayes, stated that certain positions across various departments are being eliminated to align the company’s corporate structure and expenses with its business needs.

The exact number of layoffs and store shutdowns has not been disclosed yet. The latest financial results are very concerning, particularly considering that the company has only $19.1 million in cash on hand while it has over $1 billion in debt. The retailer also saw its quarterly loss rise to $73 million compared to $56.9 million in the previous quarter. On top of all that, the chain is at risk of being delisted, a move that would make it harder to raise needed capital. Today, JoAnn shares are down 68% compared to a year ago, and off 95% from its peak in 2021. With all that said, it’s not hard to see how bleak the chain’s reality has become or why the company is now on Moody’s bankruptcy watchlist. Every day, new reports detail the huge wave of store closings that is now taking form. Unfortunately, those store closings aren’t the only losses Americans are dealing with right now.

Hundreds of thousands of retail workers are being laid off while these companies fight for their place in the market, or quit it entirely. The impact on our major economic indicators, including the nation’s gross domestic product, will be significant. But for countless hard-working Americans, the retail crisis will completely turn their lives upside down. Even though it is too early to measure the scope of this downturn, one thing is certain: the American retail landscape will look a whole lot different in early 2024. In this video, we investigate which popular brands are reducing their store counts to survive the ongoing recession.

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