CNN

Here are 12 well-known companies that went bankrupt in 2024

Dec 22, 2024, 11:50 AM

An Express Men store in Texas. (	Brandon Bell/Getty Images via CNN Newsource)...

An Express Men store in Texas. ( Brandon Bell/Getty Images via CNN Newsource)

( Brandon Bell/Getty Images via CNN Newsource)

NEW YORK (CNN) — This year was brutal for a number of well-known companies and their bottom lines.

As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks.

At least 19 companies have cut a combined 14,000 jobs because of bankruptcies, according to Challenger, Gray & Christmas, an outplacement services firm.

Notably, retail closures have picked up this year because the sector’s sugar high of 2021 and 2022 — when consumers were buying new furniture, televisions and clothing — has ended. There have been more than 7,100 store closures through the end of November, according to research firm CoreSight — a jump of 69% compared to the same time a year ago.

Of course, filing for bankruptcy doesn’t necessarily mean a business is going bust. Companies tend to use the Chapter 11 process to wind down some operations, tackle mounting debt, and save on costs by closing locations.

Here are some of the most notable bankruptcies of 2024, listed alphabetically:

Big Lots

Big Lots filed for bankruptcy in September, after previously warning that it had “substantial doubt” about its survival. The discount retailer recently announced that its deal to sell itself to a private equity firm had fallen through and it will soon close its remaining 963 locations.

Bowflex

Perhaps best known for its late-night infomercials, the at-home gym equipment maker filed for bankruptcy in March. It emerged from Chapter 11 a few months later, signing a deal with a Taiwan-based company to “acquire substantially all of the assets” for $37.5 million in cash.

Express

The once-trendy mall staple filed for bankruptcy in April after consistently struggling with continued missteps over its merchandise mix that failed to get shoppers excited. As a result, nearly 100 locations closed and the company, which also owns the Bonobos brand, sold itself to a consortium led by WHP Global in June.

Joann

The 81-year-old fabric and craft retailer filed for bankruptcy in March, falling victim to customers cutting back on spending, including on fabric, arts and supplies materials. Joann’s stock was delisted from the Nasdaq and the company became privately owned, slashing its debt and keeping all 850 stores open.

LL Flooring

The home retailer formerly known as Lumber Liquidators filed for bankruptcy in August. The retailer was hammered by budget-conscious customers tightening their wallets on pricey remodels and a slowing home sales market. After initially announcing the complete closure of its 94 stores, a private equity firm bought and saved the company.

Party City

The four-decade-old retailer filed for bankruptcy in December, marking its second time in less than two years. As a result, Party City will close its roughly 700 locations early next year. The New Jersey-based company faced inflationary pressures on product costs, which reduced consumer spending, according to CEO Barry Litwin, as well as $800 million in outstanding debt.

Red Lobster

The restaurant chain that brought affordable shrimp and lobster to middle-class America and grew to become the largest seafood restaurant chain in the world filed for bankruptcy in May. Years of underinvestment in its marketing, food quality, service, and restaurant upgrades hurt the chain’s ability to compete with growing fast-casual and quick-service chains. After closing more than 100 locations, Red Lobster emerged from bankruptcy in September thanks to a new owner and leadership that’s already changing the menu.

Spirit Airlines

The yellow-hued budget carrier landed in bankruptcy in November because of mounting losses, unaffordable debt, increased competition and the inability to merge with other airlines. Spirit said that because of its bankruptcy and negotiations with existing creditors, it will be able to emerge early next year with reduced debt and increased financial flexibility.

Stoli

Stoli Group USA, the owner of the namesake vodka, filed for bankruptcy in December. A number of things went wrong for the unit, including a slowing demand for spirits, a major cyberattack that snarled its operations and several years of fighting Russia in court.

TGI Fridays

The American casual dining chain known for its “flair” filed for Chapter 11 in November after years of dealing with a shrinking footprint and a decline in customers. TGI Fridays said in a statement that fallout from the Covid-19 pandemic was the “primary driver of our financial challenges” and that it will use the process to “explore strategic alternatives to ensure the long-term viability of the brand.”

True Value

The 75-year-old hardware store brand filed for bankruptcy in October and ended its legacy by substantially selling its operations to a rival. In court filings, True Value said it faces a significant cash crunch as the housing market has stalled and consumers have become far more picky about discretionary purchases like hardware. (True Value stores are still open because they are not part of the bankruptcy proceedings).

Tupperware

The kitchen brand, known for its plastic food storage containers, filed for bankruptcy in September after years of falling popularity and financial troubles. In late November, Tupperware’s brand name and intellectual property were bought by a private equity firm that aims to keep the company operational.

KSL 5 TV Live

CNN

Palestinians walk in the destruction caused by the Israeli air and ground offensive in Jabaliya, Ga...

Lucas Lilieholm, Michael Schwartz and Helen Regan, CNN

Israel backs Trump plan and orders military to prepare for Palestinians to leave Gaza

Israeli Prime Minister Benjamin Netanyahu has backed US President Donald Trump’s proposal to “take over” Gaza.

13 hours ago

US Navy recovery teams lift the back wing section of American Airlines Flight 5342 from the Potomac...

Andy Rose, CNN

Latest radar evidence suggests Black Hawk in DC disaster was flying too high, but NTSB wants more proof

Newly released data from ground-based radar came out Tuesday suggesting an Army helicopter was flying higher than it was supposed to be when it collided with American Airlines Flight 5342 a week ago, killing all 67 people aboard both aircraft.

1 day ago

FILE - U.S. Postal Service trucks park outside a post office in Wheeling, Ill., Monday, Jan. 29, 20...

Eric Cheung and Ramishah Maruf, CNN

US Postal Service suspends incoming parcels from China and Hong Kong

The US Postal Service says it has temporarily suspended the acceptance of incoming international parcels from China and Hong Kong until further notice.

2 days ago

Fans booing as the US national anthem is sung before the Vancouver Canucks and Detroit Red Wings pl...

Ben Church, CNN

Toronto Raptors fans continue trend of booing US national anthem after Trump imposes tariffs on Canada

Supporters at an NBA game between the Toronto Raptors and Los Angeles Clippers continued the trend of Canadian sports fans booing the US national anthem on Sunday, a day after Donald Trump announced tariffs on Canada.

4 days ago

First responders work the scene after a plane crash in Philadelphia, on Friday. (Matt Rourke/AP via...

CNN

7 dead, including 1 on ground, after a medevac jet with a child patient and her mother crashes in Philadelphia, mayor says

Seven people are dead after a medevac jet carrying a child patient and her mother crashed in a neighborhood in Philadelphia Friday night.

5 days ago

FBI Director Christopher Wray speaks to journalists at the Omaha FBI office on Wednesday, Aug. 10, ...

Evan Perez and Zachary Cohen, CNN

Senior FBI leaders ordered to retire, resign or be fired by Monday

At least six senior FBI leaders have been ordered to retire, resign, or be fired by Monday, according to sources briefed on the matter.

7 days ago

Sponsored Articles

holiday gift basket with blue tissue paper and gingerbread cookies...

Kneaders Bakery & Cafe

Holiday hacks for a stress-free season

Get more out of your time with family and loved ones over the holidays by following these tips for a stress-free season.

2 computer techs in a computer shop holding up a computer server with the "hang loose" sign...

PC Laptops

A comprehensive guide to choosing the right computer

With these tips, choosing the right computer that fits your needs and your budget will be easier than ever.

crowds of people in a German style Christmas market...

This Is The Place Heritage Park

Celebrate Christkindlmarket at This Is The Place Heritage Park!

The Christkindlmarket is an annual holiday celebration influenced by German traditions and generous giving.

Image of pretty woman walking in snowy mountains. Portrait of female wearing warm winter earmuff, r...

Lighting Design

Brighten your mood this winter with these lighting tricks

Read our lighting tips on how to brighten your mood in the winter if you are experiencing seasonal affective disorder.

A kitchen with a washer and dryer and a refrigerator...

Appliance Man

Appliance Man: a trusted name in Utah’s home appliance industry

Despite many recent closures of local appliance stores, Appliance Man remains Utah's trusted home appliance business and is here to stay.

abstract vector digital social network technology background...

Les Olson

Protecting yourself against social engineering attacks

Learn more about the common types of social engineering to protect your online or offline assets from an attack.

Here are 12 well-known companies that went bankrupt in 2024