According to The Street, The list of major retailers closing store locations this year continues to grow. Rite Aid, the giant drugstore chain, filed for bankruptcy on October 15, 2023. By the time it exited bankruptcy in September 2024, the retailer had closed over 800 stores. This significant downsizing reflects the challenges faced by traditional retail in a changing market.
Walgreens Boots Alliance Plans Closures
Following Rite Aid’s lead, its rival Walgreens Boots Alliance (WBA), which operates 8,000 stores with 6,000 profitable locations, announced on October 15, 2024, that it would close 1,200 underperforming stores over the next three years. Of these, 500 closures are planned for fiscal year 2025. This strategic move highlights the increasing pressure on retail chains to streamline operations and focus on profitability.
CVS’s Ongoing Store Reduction
CVS is also joining the trend, with plans to close 300 stores in 2024. This decision is part of a broader strategy initiated in 2021 to close 900 of its nearly 9,900 locations over three years, targeting 300 stores for closure each year from 2022 to 2024. This reflects the ongoing adjustments made by pharmacies in response to changing consumer behaviors and economic conditions.
Big Lots Faces Bankruptcy and Closures
The home goods retail chain Big Lots recently filed for Chapter 11 bankruptcy on September 9, 2024, designating 553 of its 1,392 locations in 48 states for closure. As the nation’s fourth-largest home goods retailer with general operating revenues of $4.7 billion in 2023, Big Lots’ bankruptcy signifies significant challenges in the retail sector. Expect more closure notices in the weeks ahead as the company navigates its restructuring.
BuyBuy Baby Shuts Down Operations
In a surprising turn, BuyBuy Baby, a retailer specializing in baby clothing, furniture, and accessories, will shut down all its stores approximately one year after resuming operations. Following its acquisition by Dream On Me in the July 2023 auction during the Bed Bath & Beyond bankruptcy proceedings, BuyBuy Baby initially reopened under new ownership.
Also read: Last Chance for Deals: Home Goods Retailer Starts Discount Sales Before Store Closures
However, on October 18, Dream On Me announced via its website that all BuyBuy Baby stores would close, transitioning the brand to a digital-first model for online shopping. The company stated, “The demand of consumers has changed, and as such, so are we,” emphasizing a shift away from the brick-and-mortar retail model based on customer feedback.
Store Closing Sales and Policies
BuyBuy Baby will initiate store closing sales on October 18, with all sales being final. Purchases made before this date will still adhere to BuyBuy Baby’s standard return policy. Gift cards will be accepted until October 31, after which they can be redeemed online at buybuybaby.com. The retailer’s buy-online and pick-up in-store service, along with in-store price matching, has been discontinued, though the baby registry will remain accessible online.
Historical Context of BuyBuy Baby
Founded in 1996 by Richard and Jerry Feinstein, sons of Bed Bath & Beyond founder Leonard Feinstein, BuyBuy Baby was acquired by Bed Bath & Beyond for $67 million in 2007. The brand’s transition to a digital-first approach marks a significant shift in its operational strategy amid the evolving retail landscape.
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