Stores Closing in the U.S. in 2025: Joann, Quiksilver, Macy’s, Kohl’s and More Companies Facing Financial Challenges

Renan Botelho

13 February 2025 at 2:02 pm·5-min read

2025 started with the announcement of store closures by Kohl’s and Macy’s, which are shutting down several locations in the country in the upcoming months. Other companies, including Walgreens, Party City and CVS, have also confirmed the closing of some underperforming stores across the country. The downsizing trend affecting retailers doesn’t seem to be slowing down soon.

On Wednesday, fabrics and crafts retailer Joann announced the closure of 500 stores across the country. The downsizing comes after the brand filed for Chapter 11 bankruptcy in January.

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“This was a very difficult decision to make, given the major impact we know it will have on our team members, our customers and all of the communities we serve,” the company said via statement shared with WWD.

On Jan. 23, WWD reported that, according to Coresight Research, a research and advisory firm specializing in retail and technology, approximately 15,000 stores will close this year in the U.S. In 2024, U.S. store closures totaled 7,325, the highest number of store closures seen since 2020.

On Feb. 3, Liberated Brands, the company behind Volcom, Billabong, Quiksilver, Spyder, RVCA, Roxy and Honolua, filed for Chapter 11 bankruptcy in Delaware, announcing the closure of all of their stores in the U.S. Liberated’s chief executive officer Todd Hymel blamed “fast-fashion powerhouses,” “ongoing inflationary pressures and high interest rates” for the company’s financial struggles.

“These fast-fashion companies can cater to micro-trends as opposed to the traditional seasonal trend-forecasting retail model. Liberated, and other companies reliant on the traditional retail model, have generally suffered from decreased profit margins after losing part of their overall market share and pricing power to fast fashion,” Hymel said in a statement filed with the Chapter 11 petition.

According to Hymel, Liberated “made the difficult decision to close its corporate offices and lay off approximately 350 corporate employees and approximately 1,040 retail staff” in December.

Here, see the store chains closing multiple locations nationwide in 2025.

Joann

Joann announced the closure of 500 stores. The list of locations closing this year can be found at joannrestructuring.com.

“Joann is committed to providing our customers — the sewists, quilters, crocheters, crafters and other creative enthusiasts we have served for more than 80 years — with great service and assortments and to supporting our thousands of team members across the nation throughout this process,” the company said via statement.

Macy’s

Macy’s Inc. will close 66 stores this year as part of its Bold New Chapter strategy, which was announced in February 2024 and calls for closing approximately 150 underproductive stores while investing in its 350 “go-forward” Macy’s locations, all through fiscal 2026.

Among the department store closings are the locations downtown Brooklyn, N.Y.; Boynton Beach, Fla.; Philadelphia City Center, and Sunrise Mall in Massapequa, N.Y.

Liberated Brands

Ouside a Quiksilver women's store. — Outside a Quiksilver women’s store.

All Volcom, Billabong, Quiksilver, Spyder, RVCA, Roxy and Honolua stores are closing in 2025 after Liberated Brands filed for Chapter 11 bankruptcy in February.

Liberated had a quick and short-lived rise following the COVID-19 pandemic in 2020. The company increased its revenue from $350 million in 2021 to $422 million in 2022, going from 67 stores to 140. In 2023, Liberated acquired licenses and retail assets for Quiksilver, Billabong, Roxy, RVCA, Honolua and Boardriders from Authentic Brands Group.

Due to financial challenges, “Liberated had to further stretch its accounts payable to conserve liquidity amid growing uncertainty about the future of the business.” In December 2024, Authentic Brands Group terminated its licenses.

ABG will continue to sell the surf and skate clothing labels by other retailers.

Kohl’s

Kohl’s Corp. announced the closure of its long-standing San Bernardino, Calif., e-commerce fulfillment center and 27 retail locations in 2025.

The downsizing includes the closure of stores in California, New Jersey, Pennsylvania, Texas and other states.

“We always take these decisions very seriously,” said Tom Kingsbury, Kohl’s CEO, via statement in January. “As we continue to build on our long-term growth strategy, it is important that we also take difficult but necessary actions to support the health and future of our business for our customers and our teams.”

Walgreens

Walgreens store in Los Angeles.

Walgreens announced in October that will close 1,200 underperforming stores across the U.S. over the next three years, with 500 to be closed in the company’s fiscal year 2025, which ends in August 2025.

“Our financial results in the fiscal fourth quarter and full year 2024 reflected our disciplined execution on cost management, working capital initiatives and capex reduction. In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow, and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” said Tim Wentworth, CEO of Walgreens Boots Alliance, via statement. “Fiscal 2025 will be an important rebasing year as we advance our strategy to drive value creation. This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term.”

CVS

CVS store in Los Angeles.

CVS announced its plan to close 900 stores over three years in 2021, with 300 locations shuttered in 2024. For 2025, the company hasn’t disclosed specific store locations for closure but will target stores with redundant coverage or low traffic. This downsizing follows a strategic transformation at CVS as the company plans to expand its health care services.

Party City

In December, Party City announced the closure of its 700 stores by Feb. 28. The company, founded in 1986, blamed inflation and changes in customer spending for its demise.

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