The Body Shop to Close All Stores

The Body Shop has filed for bankruptcy and on March 1st announced the closing of all US stores.  The reason for their closing is financial struggles in the past few years. While some stores in other countries will remain open, all 50 locations in the US are now closed, as well as their online shop. This chain was founded in 1976 and is known for natural, cruelty-free beauty products. Scroll below and check out information on other stores that announced they are closing this year.

Family Dollar to Close 1000 Stores

Dollar Tree announced that it would close nearly 1000 branded stores. They will shut down 600 Family Dollar stores in the first half of 2024, and 370 other stores over the next years, the same as 30 Dollar Tree stores at that period! Recently they were fined $41.6 million due to the presence of rodent activity at the warehouse, which is the main reason for closing hundreds of their stores!

The company also has a net loss of $1.7 billion! Dollar Tree, which acquired Family Dollar nearly a decade ago, has not released a comprehensive list of the locations it is closing but many of the stores are already offering sales of up to 75% off since Monday, March 18th. To take advantage of these deals, you can find the nearest Family Dollar here!

On the other hand, Aldi is opening 800 New Aldi Stores Nationwide!

Giant retailers also kicked off the year with store closures. Store closures are standard practice among traditional retailers who often evaluate the profitability of each location. In this round of closures, however, more retailers are taking the digital experience into consideration as well as the location and appropriate size of their stores. You can find a list of these retailers affected by closures below:

Walgreens is Closing 150 Stores

By August 2024, Walgreens announced plans to shut down 150 stores – but has not announced which locations will be closed! That’s nearly 1.7% of their nearly 9.000 US stores! Store closings are just some of the company’s cost-saving measures because they failed to meet earnings expectations – about 59% below the previous year! All products will be moved around to the 98.3% of stores left.

Walgreens expects to save $3.3 billion by the end of 2023 and another $800,000 in 2024. The company will end stimulus funds and the resumption of student loan payments!

Foot Locker Closing Up to 420 Stores

By 2026, Foot Locker is planning to close up to 420 mall-based stores, and open 300 smaller, freestanding stores!

Journeys Closing Over 100 Stores

Journeys will close over 100 stores this year exceeding their previous closure plans, due to a decline in sales and changing consumer demand. This closer will save the company up to $40 million!

CVS is Closing 900 Stores

From 2022 to 2024, CVS is planning to close 300 stores each year, or a total of 900 stores – 9% of their 10,000 stores across the country.  Stores that are more likely to close are in locations where there are already more than enough CVS stores needed.

Some of those stores will not totally close but will be changed to health clinics or CVS HealthHUBs as CVS is looking forward to offering more than just pharmacy services. These are all done to accommodate changing customer habits, including more online shopping and curbside pickup.

Joann Fabrics and Crafts Files for Bankruptcy

Joann Fabrics and Crafts has filed for Chapter 11 bankruptcy protection. Recently, Joann posted results showing it was more than $1 billion in debt, but as of right now its stores and website will remain open and continue operating as usual.