In 2022, retail sales were hammered by persistent high inflation and weak consumer demand—and 2023 isn’t much better. Economists from S&P Global Market anticipate only 0.5 percent sales growth, but that equals a 0.1 percent decline when accounting for inflation.
Some retailers feel the pinch more than others and have begun closing stores. Even worse, some have filed for Chapter 11 bankruptcy protection. Here are seven retailers that are struggling and closing stores in 2023.
Party City Not Celebrating
Following its Chapter 11 bankruptcy filing in January 2023, Party City plans to close 30 stores. Before filing for Chapter 11, the retailer had closed 28 stores in 13 states. Previous to the closes, Party City had operated 823 retail locations. Of these locations, 770 were company-owned….