The retail sector has suffered a string of bankruptcies and liquidations over the past three years which has led to the demise of several iconic retailers.
Many of these bankruptcies and liquidations led to store closings that were among thousands of locations that shut down in the last three years, with 1,680 closings in 2022, 4,070 in 2023, and 7,325 in 2024, according to Coresight Research.
Major retailers who faced severe economic problems and filed bankruptcy to close their doors permanently included Forever 21, Joann, Party City, Rue 21, and Tuesday Morning.
Related: Huge mall retailer considers bankruptcy and closing all stores
Forever 21 filed for Chapter 11 bankruptcy on March 16 to liquidate and wind down all operations at its roughly 350 stores. Joann filed for bankruptcy a second time in January 2025, closed all 800 of its stores and liquidated its assets.
Giant party supply retailer Party City in December 2024 filed for Chapter 11 bankruptcy to liquidate and wind down all of its stores that amounted to about 700 locations.
In May 2024, teen fashion retailer Rue 21 filed for bankruptcy protection and closed all 540 of its stores. And popular home goods retailer Tuesday Morning converted its Chapter 11 bankruptcy to Chapter 7 liquidation in July 2023 and shut down all 200 stores.
Kirkland closes locations in restructuring
In some cases, retailers closed locations in out-of-court restructurings. Specialty home décor and housewares retailer Kirkland’s (KIRK) on Feb. 18 revealed that it will close or turn around about 6% of its 317 store locations in 35 states that are unprofitable as part of its strategic initiatives to improve profitability.
In rare situations, retail chains that shut down all operations have resurrected their businesses to reopen.
BuyBuy Baby will relaunch online on May 8. Photographer: Gabby Jones/Bloomberg via Getty Images
Retailer buybuy Baby relaunches online
Baby and children’s products retailer buybuy Baby revealed that it will relaunch online beginning May 8, parent company Beyond Inc. (BYON) said in a statement.
Related: Struggling discount retail chain closes over 100 stores
The retailer had filed bankruptcy in April 2023 and closed all 120 stores by summer 2023.
More closings:
- Popular retail chain to close unprofitable store locations
- Bankrupt retail chain unloads store leases, key asset
- Popular discount retailer files bankruptcy, closes all stores
“We’re beyond excited to officially reopen buybuy BABY and reunite it with Bed Bath & Beyond,” Adrianne Lee, President and CFO, said in a March 24 statement. “Baby Days is our way of celebrating with families — offering them incredible giveaways, curated collections from the most trusted brands, and a fresh, innovative shopping experience.”
The reopening of buybuy Baby online was timed to launch just before Mother’s Day with its Baby’s Day sales event that will feature daily giveaways, top-rated baby essentials, and mom-approved registry picks, Beyond said.
Beyond, an e-commerce-focused company that was previously known as Overstock.com, purchased Bed Bath & Beyond and buybuy Baby out of bankruptcy in 2023.
The Murray, Utah-based company is also launching a crowdfunding offering of a tokenized digital security linked to certain buybuy Baby intellectual property on the tZero brokerage platform.
“I have been focused on returning buybuy BABY to its original growth partner — Bed Bath & Beyond. The rebirth of this brand and digital security issuance mark a new beginning for an iconic American retailer. The tokenization of ‘BABY’ offers an exciting opportunity to monetize the intellectual property and share in future success and growth of the retail business,” Marcus Lemonis, Beyond executive chairman, said in a statement.
The digital security token offering will be made exclusively on tZERO’s brokerage platform operated by tZERO Securities LLC, a Securities and Exchange Commission and FINRA-regulated broker-dealer.
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