Dark clouds appear to be forming over the economy. As the nation heads toward a possible recession, many retail chains are closing stores.
Some of these retailers are simply taking a step back by closing underperforming locations. Others are going out of business altogether.
Following are the retailers who are shuttering locations for good in 2023.
Unfortunately, the chains on this list are not the only businesses where workers are losing their jobs. For more, check out “27 Companies Laying Off Thousands of Workers.”
Christmas Tree Shops
In May, after filing for bankruptcy protection, this holiday-themed chain announced that 10 store closures were underway. By July, however, it had announced that it was going out of business and had started liquidation sales at all of its several dozen remaining locations. Those sales have since concluded.
The clock has struck midnight at Tuesday Morning. The household merchandise discount store announced in May that all of its stores in 25 states were liquidating inventory because the company is going out of business.
In March, shoe retailer Foot Locker announced that it was walking away from around 400 stores in malls across the country. CNN reported that the closures were another big setback for regional malls, which have been struggling as online shopping has become more popular.
Bed Bath & Beyond
In April, big-box home retailer Bed Bath & Beyond filed for Chapter 11 bankruptcy. The iconic chain has since gone out of business altogether — although its name lives on. Overstock.com paid $21.5 million so that the online retailer could rebrand itself as Bed Bath & Beyond.
Buy Buy Baby
Buy Buy Baby has also said “so long.” Bed Bath & Beyond owned the chain that is geared toward products for infants and young children, and the two retailers rode into the sunset together.
Footwear and accessories retailer Journeys said earlier this year that it plans to close more than 100 underperforming stores in 2023. That number is up from an earlier expectation of 60 closures.
You would be foolish to expect Walmart to go out of business any time soon: It remains the King Kong of retailers.
But after initially announcing it would close 15 underperforming stores, the retailer recently increased that number to 24 stores across 14 states and Washington, D.C.
Shoe City has strolled away from the retail scene. By the end of May, the footwear retailer had closed all of its stores after 74 years in business. The company filed for bankruptcy in April.
The punch bowl has gone a little flat at Party City: Shortly after filing for bankruptcy protection in January, the retailer said it planned to close 22 locations. Then, it announced closures at 13 more locations. The latest news, though, is that the company is coming out of bankruptcy and most stores will remain open.
Electronics retailer Best Buy announced earlier this year that it would pull the plug on up to 30 of its “large format” stores in 2023. However, the retailer plans to remodel eight stores to fit its “Experience” format and will open around 10 outlet stores.
Not long after that news came out, though, it was reported that Best Buy was laying off hundreds of workers at stores across the country as part of an effort to cut costs and shift to more online sales.