(The Center Square) – More chain stores closed in 2023 as a result of high inflationary costs, with the trend continuing in 2024 led by the iconic department store, Macy’s.
In 2023, retail stores, pharmaceutical and fast-food chains continued a trend of previous years: declaring bankruptcy and closing their doors or shutting down some locations to cut costs, citing inflation, higher costs, and profit losses.
Last May, discount retailer Tuesday Morning announced it was closing its doors nationwide after being in business for 49 years. Home goods chain Christmas Tree Shops filed for bankruptcy and liquidated all of its stores as did the largest bridal-store chain in the U.S., David’s Bridal, laying off tens of thousands of employees.
Sears, once the largest retailer in the world with more than 700 stores in the U.S., shuttered hundreds of locations. Now, only 12 stores remain open.
New York-based specialty athletic retailer Foot Locker