Hooters, Big Lots, and 6 other restaurant and retail chains going bankrupt right now

2024 was a tough year for retailers and restaurants across the U.S., and 2025 may present a similarly challenging landscape.

Coresight Research, a retail and technology data platform, predicts an escalation this year, with around 15,000 stores expected to shutdown. Among the notable closures are some major names like Hooters and Big Lots (BIG).

“Inflation and a growing preference among consumers to shop online to find the cheapest deals took a toll on brick-and-mortar retailers in 2024,” said Coresight Research CEO Deborah Weinswig. She noted that retailers who failed to adapt their supply chains and implement cost-cutting technologies were hit the hardest, as consumers increasingly opted for the convenience of online shopping, turning to e-commerce giants like Amazon (AMZN), Temu, and Shein.

In 2024, U.S. store closures reached 7,325 – the highest number on record since 2020. At the same time, store openings totaled 5,970, marking the highest figure since 2012. Despite this, closures outpaced openings, resulting in a net loss of 1,355 stores last year.

2025 could be eerily similar. Several major retailers have already announced significant closures and bankruptcy filings. Big Lots plans to close 601 stores, while Party City, which filed for bankruptcy, will shut down 738 locations. Other companies, including Joann’s are also among the growing list of brands going bankrupt.

Despite the closures, new store openings are expected to remain steady. Companies like Aldi, JD Sports (JD), and Burlington Stores (BURL) are leading the way with new expansions in 2025. However, the overall trend suggests a tough year ahead for traditional retail. As consumers continue to shift to online shopping, retailers that embrace new technologies may be the ones to survive and avoid further closures.

In the meantime, we’ve compiled a list of the retail and restaurant chains going bankrupt right now. Let’s take a look.