Conn's and Big Lots closures follow 2024's retail decimation pattern in Arizona

Here are the other big retail chains struggling in 2024.

PUBLISHED JUL 29, 2024

A number of iconic American brands have struggles to stay profitable in 2024.

Phoenix, Arizona: As Conn's and Big Lots announce the shuttering of stores across Arizona and the rest of the nation, we take a look at all the retail giants that have closed outlets this year.

Rite Aid

In October 2023, Rite Aid filed for Chapter 11 bankruptcy. The company reported a net loss of over $1 billion. To address these issues, Rite Aid implemented a restructuring plan that included closing hundreds of underperforming stores, aiming to cut expenses and reduce its debt by $2 billion.

Tuesday Morning

Discount home goods retailer Tuesday Morning files for Chapter 11 bankruptcy for a second time in February 2023 (the first being in 2020). The chain announced plans to close stores in low-traffic areas and undergo financial and operational restructuring. The total assets and liabilities listed in the bankruptcy filing ranged from $100 million to $500 million.

Bed Bath & Beyond

In April 2024, Bed Bath & Beyond filed for Chapter 11 bankruptcy. The company announced the closure of all its remaining 360 Bed Bath & Beyond stores and 120 buybuy BABY locations. This decision was part of an effort to find $240 million in funding to keep operations going during the bankruptcy process.

Party City

In January 2024, Party City filed for Chapter 11 bankruptcy. Party City had amassed a substantial debt load of approximately $1.7 billion. The company also closed several underperforming stores. Following the restructuring, Party City emerged from bankruptcy with a strengthened financial position and plans to continue operating its remaining stores.

CVS

In 2024, CVS Health announced the planned closure of approximately 900 stores across the US by the end of the year. The closures include both standalone CVS pharmacies and those located within Target stores. In addition to the store closures, CVS announced a workforce reduction of approximately 5,000 positions.

Best Buy

In 2024, Best Buy announced plans to close 10 to 15 stores as part of a broader effort to realign its business strategy amid ongoing financial challenges. As part of its restructuring, Best Buy is also laying off some employees and focusing on enhancing its digital presence.