In 2024, several large stores declared bankruptcy.
For certain businesses, filing for bankruptcy may spell disaster. For others, filing for bankruptcy may be a means of restructuring and surviving difficult business times.
Several well-known retailers declared bankruptcy in 2024, including:
The Union Deposit Road location of Big Lots in Susquehanna Township, close to Harrisburg, Pennsylvania, is shutting.| [email protected] Daniel Urie
Big Lots
Hundreds of Big Lots locations nationwide are having going-out-of-business sales. The store is well-known for its enormous center furniture area and its discounted prices. Big Lots intended to sell the company to Nexus Capital Management when it filed for Chapter 11 bankruptcy. York County was one of the hundreds of stores that the firm shuttered.
Big Lots declared on December 19 that it could not finalize the agreement with Nexus and that it will start going out of business at all 909 of its remaining stores, including 64 in Pennsylvania. Big Lots then revealed on December 27 that it had reached an agreement with Gordon Brothers Retail Partners that would allow Big Lots assets, such as stores, distribution facilities, and intellectual property, to be transferred to other businesses and retailers, such as Variety Wholesalers, which plans to buy 200–400 Big Lots locations.
On Wednesday, January 22, 2020, in West Des Moines, Iowa, an Express retail clothes store is located at Valley West Mall. (AP/Andrew Harnik)AP Image by Andrew Harnik
Express
In April, the apparel retailer declared its intention to liquidate 95 Express stores as part of its Chapter 11 bankruptcy filing. In Philadelphia, there were two of those businesses. Last year, another Bucks County store closed.
Franchise Group Inc.
In November, the business declared Chapter 11 bankruptcy. American Freight, Buddy’s Home Furnishings, Pet Supplies Plus, and The Vitamin Shoppe are all owned by The Franchise Group. The corporation shut down all of its American Freight locations as part of its reorganization.
Carlisle’s Joann Fabrics is closing. (PennLive, Daniel Urie)
JoAnn
The U.S. Bankruptcy Court for the District of Delaware received the crafts retail chain’s Chapter 11 bankruptcy filing in March. In April, the business came out of bankruptcy and was taken over by some of its lenders and industry participants. Neither the Nasdaq nor any other national stock exchange currently lists JoAnn’s shares. JoAnn’s debt was $2.4 billion. Over 800 of the company’s outlets stayed open during the procedure.
In September, LL Flooring in Leominster, Massachusetts, shut down.MassLive/Nicole Simmons
LL Flooring
In August, First LL Flooring, previously Lumber Liquidators, closed 94 stores and declared Chapter 11 bankruptcy. Then it announced that it would be selling all 400 of its stores since it couldn’t find a buyer. Then it changed its mind and declared that 219 stores will stay open after finding a buyer. In order to purchase the 219 locations, merchandise in those stores, the company’s distribution center in Sandston, Virginia, LL Flooring’s intellectual property, and other business assets, the company entered into an arrangement with F9 Investments.
In Lower Paxton Township, close to Harrisburg, Pennsylvania, at 5125 Jonestown Road, the Party City business is closing.| [email protected] Daniel Urie
Party City
Party City locations nationwide started having going-out-of-business deals in December. In December, the company declared bankruptcy. In Pennsylvania, the company is closing 25 Party City sites, including those at 2801 E. Market St., 1A, Springettsbury Township, York County; 1700 Fruitville Pike, Suite B, Lancaster; 6499 Carlisle Pike, Silver Spring Township; and 5125 Jonestown Road, Suite 385, Lower Paxton Township.
In Schaumburg, Illinois, a Red Lobster restaurant is seen. In May, the business declared bankruptcy. (Photo by Nam Y. Huh/AP)
Red Lobster
With over $1 billion in debt, Red Lobster declared Chapter 11 bankruptcy in May. In September, the business came out of bankruptcy and was bought by RL Investor Holdings LLC. With 544 sites in 44 U.S. states and four Canadian provinces, Red Lobster will remain a stand-alone business.
On Friday, June 2, 2023, in Manchester, New Hampshire, a Spirit Airlines 319 Airbus approaches Manchester Boston Regional Airport for a landing.Charles Krupa/AP Photo, File
Spirit Airlines
Spirit Airlines declared Chapter 11 bankruptcy on November 18.
A notice displayed on the doors of TGI Fridays, located at 2775 Tittabawassee Road in Saginaw Township, states that the restaurant has permanently closed as of Thursday, August 22, 2024. (MLive.com/Heather Jordan)Jordan, Heather | MLive.com
TGI Fridays
In November, TGI Fridays declared Chapter 11 bankruptcy.
Tuesday, February 13, 2024: People pass a Body Shop location in Canterbury, England. Through AP, Gareth Fuller/PAAP
The Body Shop
On March 1, the beauty and cosmetics business The Body Shop shut down all of its operations in the United States. Additionally, the business announced that it has started to restructure its operations in Canada. In England, The Body Shop has also started administration procedures, which are comparable to bankruptcy procedures in the US. RetailDive claims that the U.S. operation of The Body Shop was driven into Chapter 7 bankruptcy without being informed of the U.K. company’s February administration filing.
FILE: Container Store storage containers in New York on December 13, 2024. (Cathy Bussewitz/AP Photo, File)AP
The Container store
On December 22, The Container Store declared bankruptcy.
True Value
After declaring bankruptcy in October, True Value Company declared that it had reached a deal to sell its businesses to Do It Best, a hardware wholesale company.
FILE: On August 5, 2011, colorful Tupperware items are spotted in Bellflower, California. (Garrett Cheen, File/AP Photo)AP
Tupperware
Tupperware Brands declared Chapter 11 bankruptcy in September.
PennLive’s Business Lists
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!