Major Retailers Announce Massive Store Closures Amid Financial Struggles

Walgreens, Rite Aid, CVS, and Big Lots are shuttering thousands of locations as they grapple with changing consumer habits and financial pressures.

Walgreens plans to close 1,200 stores over the next three years, starting with 500 closures in fiscal year 2025, as part of a cost-cutting strategy.
Rite Aid has closed hundreds of stores following its bankruptcy filing in 2023, with ongoing restructuring efforts to reduce debt and optimize store locations.
CVS continues to strategically close stores, with 300 closures planned for 2024, as part of a three-year plan announced in 2021.
Big Lots, facing high competition and economic challenges, has filed for Chapter 11 bankruptcy and plans to close 553 locations across the U.S.
BuyBuy Baby will shut down all physical stores by the end of the year, transitioning to a digital-first brand under new ownership by Dream On Me.