12 Well-Known Companies That Declared Bankruptcy in 2024
The year 2024 proved challenging for several iconic brands, as inflation, shifting consumer trends, and operational hurdles led to a wave of high-profile bankruptcies. From retailers to airlines, many companies struggled to adapt to a changing economic and consumer landscape.
Although filing for bankruptcy doesn’t necessarily mean the end of a business, it often signals significant restructuring, cost-cutting measures, or ownership changes. Below are 12 notable companies that filed for bankruptcy this year:
- Big Lots
The discount retailer filed for bankruptcy in September after expressing doubts about its survival earlier in the year. With a failed deal to sell the company, Big Lots announced the closure of its remaining 963 stores. - Bowflex
Known for its home fitness equipment, Bowflex filed for bankruptcy in March. By mid-year, the brand was acquired by a Taiwan-based company for $37.5 million, ensuring its survival post-bankruptcy. - Express
The fashion retailer and former mall favourite declared bankruptcy in April. Struggling with merchandise missteps, Express closed nearly 100 locations and sold itself to a consortium led by WHP Global in June. - Joann
The fabric and craft retailer, an 81-year-old staple, filed for bankruptcy in March amid reduced consumer spending on arts and crafts. Now privately owned, Joann retained all 850 of its stores while cutting debt. - LL Flooring (Formerly Lumber Liquidators)
Facing challenges in the remodelling and housing markets, LL Flooring declared bankruptcy in August. Initially planning to close all 94 stores, the retailer was saved by a private equity firm. - Party City
Party City filed for bankruptcy for the second time in two years in December. Burdened by inflation, reduced spending on celebrations, and $800 million in debt, the chain will close its 700 locations in early 2025. - Red Lobster
Once a seafood industry leader, Red Lobster filed for bankruptcy in May after years of declining quality and market share. Following the closure of over 100 locations, the chain re-emerged in September under new ownership. - Spirit Airlines
Mounting losses, debt, and fierce competition drove the budget airline into bankruptcy in November. Spirit is expected to emerge in 2025 with reduced debt and greater financial stability. - Stoli
The vodka producer Stoli Group USA filed for bankruptcy in December, citing reduced demand for spirits, a crippling cyberattack, and prolonged legal battles with Russia. - TGI Fridays
The casual dining chain filed for Chapter 11 in November, blaming the financial fallout from the COVID-19 pandemic. TGI Fridays plans to restructure to ensure its long-term survival. - True Value
The hardware retailer filed for bankruptcy in October, citing challenges from a cooling housing market and reduced discretionary spending. While its stores remain open, the company has sold much of its operations to a competitor. - Tupperware
The once-dominant kitchen brand filed for bankruptcy in September after years of declining popularity. By late November, its intellectual property and brand were acquired by a private equity firm, which aims to revitalize the business.
A Tough Year for Businesses
The economic challenges of 2024 – including inflation and changing consumer habits – forced many iconic brands to re-evaluate their strategies. While some companies found new owners and lifelines, others faced closures or significant downsizing, underscoring the importance of adaptability in a rapidly evolving marketplace.
