The post-pandemic years have been rough for retailers. Dozens have suffered catastrophic losses that led to liquidations, bankruptcies, and outright closures.
The number of closures has been steadily and steeply climbing. In 2022 1,680 retailers closed, 2023 saw 4,070, and in 2024 there were 7,325. Coresight Research, which tracks this data, expects another 15,000 in 2025.Â
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Some of the businesses that shuttered completely include Joann and Party City. Other iconic retailers like Macy’s and Nordstrom closed underperforming locations.Â
The most recent major retailer to file for bankruptcy is Forever 21, which announced its intention to liquidate inventory and close more than 350 stores in the United States. (Forever 21’s 540 international stores will operate as usual.)
Sometimes bankrupt businesses get a second chance
Sometimes a retailer is able to emerge from bankruptcy, although often in another form.Â
For example, specialty baby brand buybuy BABY just announced it will relaunch online, just in time for Mother’s Day.
Related: Giant discount retailer closes stores, sounds the alarm
The restaurant brand Foxtrot was bankrupt but was able to reopen in Chicago without its former partner and in fewer locations.Â
More on retail and bankruptcy:
Walmart store closing, auctioning off laptops and flat screen TVs Home Depot CEO sounds the alarm on a growing problemFamous restaurant files for Chapter 11 bankruptcy
Another well-known brand, Z Gallerie, filed for bankruptcy in January 2024. It announced it would open brick-and-mortar locations, thanks to being purchased by Karat Home.
Z Gallerie started with a warehouse outlet in Gardena, Calif., but said it will open a pop-up store in either Houston or Dallas.Â
Big Lots recently declared bankruptcy and closed all stores, but under new ownership, it will open 219 locations by the end of June.Â
Image source: Shutterstock
Which Big Lots stores are opening first?
Now, there’s a big discount chain staging a comeback.Â
Just months after declaring bankruptcy and closing all locations, Big Lots entered into an agreement with Gordon Brothers, a firm that helps companies restructure. Under the terms of the agreement with Gordon Brothers, Variety Wholesalers, Inc. acquired around 600 Big Lots stores plus two distribution centers and will reopen locations under the Big Lots brand. Â
Related: Iconic retail brand closing stores nationwide for good (locations revealed)
‘We’re thrilled to bring the Big Lots brand back to life by offering more deals than ever, lots of famous brands, and a new apparel department for the entire family,” said Variety Wholesalers President and CEO Lisa Seigies. “We’re opening stores quickly so we can serve the community. We know the stores won’t be perfect to start, but each week we’ll add more new products as we build towards the grand opening celebration in the fall. Every time a customer visits Big Lots, we want them to find something new and exciting.”
The first nine stores to open on April 10 are:
1041 S Riverside Dr., Clarksville, TNÂ 220 Dickson Plaza Dr., Dickson, TN744 Nashville Pike, Gallatin, TNÂ 342 Indian Mound Dr., Mount Sterling, KY755 Veterans Memorial Blvd., Metairie, LA5778 Hwy 80 E, Pearl, MS2605 W Main St., Tupelo, MSÂ 1432 E Dixie Dr., Asheboro, NC2911 Hershberger Rd. NW, Roanoke, VA
A second wave of 210 stores is expected to open by the end of June across the eastern U.S. in North Carolina, Alabama, Florida, Georgia, Ohio, Michigan, Pennsylvania, South Carolina, and West Virginia, among other states.
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