Many individuals are still struggling to make ends meet due to the persistently high levels of inflation that are afflicting both the United States and the rest of the world. Because of this, there isn’t much room in the budget for unforeseen expenses, and retail looks to be suffering as a result.
The Daily Mail projected that over 800 businesses would close this year on February 20. Bed Bath & Beyond, Gap, Tuesday Morning, and Party City were a few of the well-known businesses on the list.
The bulk of these businesses were anticipated to close, with Bed Bath & Beyond taking the lead by eliminating a staggering 416 locations nationwide. The business is closing 65 of its stores in Canada in addition to its US ones.
More than 800 big box retail stores are set to close across the nation this year https://t.co/LcOGEFbZbK— Daily Mail US (@DailyMail) February 20, 2023
Five other shops were shown by Business Insider to be shutting less than 10 stores each in 2023. Walmart, Big Lots, The RealReal, Macy’s, and JCPenney are a few of them. The source claims that the reasons for the closings differ for each store, with some citing a desire to reduce expenses while others stating that they are reorganizing their businesses as a result of bankruptcy.
Given that Bed Bath & Beyond has been reducing its sales over the past year, this news may not come as a shock to many people. One company struggling with bankruptcy is Tuesday Morning, which sells things for the house as well. The Dallas-based business is consequently shutting more than half of its locations.
In October 2020, Gap made the announcement that it will be closing around 350 of its locations in North America, including its Banana Republic stores.
According to the firm, having a smaller, healthier pool of survivors was their goal. The announcement of 74 stores closing is the final push in that direction.
More than 20 states throughout the nation may have to say goodbye to at least some of these businesses, with California suffering the most.