Dark clouds are 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.”
Tuesday Morning
The clock has struck midnight at Tuesday Morning: The retailer is going out of business. The household merchandise discount store announced in May that all of its stores in 25 states were liquidating inventory.
Foot Locker
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 is going out of business altogether.
Buy Buy Baby
Buy Buy Baby is also saying “so long.” Bed Bath & Beyond owns the chain that is geared toward products for infants and young children, and the two retailers are riding into the sunset together.
Journeys
Footwear and accessories retailer Journeys plans to close more than 100 underperforming stores this year. That number is up from an earlier expectation of 60 closures.
Walmart
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 23 stores across 12 states and Washington, D.C.
Shoe City
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.
Party City
The punchbowl 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. Since then, it has announced closures at 13 more locations.
Best Buy
Electronics retailer Best Buy is pulling 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.
