Overview
- Roughly 8,100–8,200 U.S. locations closed in 2025, about a 12% increase from 2024, according to Coresight Research reporting.
- Rite Aid ended operations nationwide by September 29 after a second bankruptcy in May, pressured by debt and opioid-related legal costs.
- Forever 21 filed for bankruptcy in March and closed more than 500 U.S. stores, citing price undercutting by Shein and Temu using the de minimis import exemption.
- Joann shuttered about 800 stores after a second bankruptcy, while Michaels acquired Joann’s intellectual property and private label brands.
- Party City shut its stores after earlier bankruptcy proceedings, and its brand was sold to Ad Populum, which continues online operations, as additional closures also hit chains like Bargain Hunt, Liberated Brands and short-term rental operator Sonder.