These MI Retailers Went Out Of Business In 2023

MICHIGAN — Several national discount, department store and specialty chains closed locations in Michigan in 2023 as they grappled with inflationary pressures, filed for bankruptcy or adjusted their business models to reflect changes in consumer shopping habits.

Others, including pharmacy giants CVS, Walgreens and Rite Aid, closed stores as demand for COVID-19-related services declined. And Target blamed the closure of a handful of metropolitan stores on a spike in organized retail crime.

Here’s a look at how some of the announcements affected Michigan:

Bed Bath & Beyond came back from the dead in digital form after Overstock.com acquired $21.5 million in intellectual property assets from the beleaguered chain. Still, the chain planned to shutter 896 stores as part of its bankruptcy filing, according to NBC News. The closures included 360 flagship stores, 120 Buy Buy Baby stores, and 416 Bed Bath & Beyond, Harmon and Buy Buy Baby stores that were set to close.

In August, the new owners of Buy Buy Baby, announced plans to reopen 11 stores in the Northeast, and the new owner of the health and beauty chain Harmon said it would reopen at least five stores, CNBC reported.

In Michigan, Bed Bath & Beyond closed all 26 of its stores in the state, with most in the metro Detroit area. Multiple Buy Buy Baby stores also closed in the state.

In February, Dallas-based discount home goods retailer Tuesday Morning announced plans to shutter half its stores amid bankruptcy, but then said in April it would close all of its stores. In all, 487 stores were affected. The only Tuesday morning store in Michigan closed its Oakland County location in May.

Party City filed for bankruptcy in January, announced in February it would shutter 22 store closures, and added another nine to the list in April. The retailer has 26 stores in Michigan, including 14 in the metro Detroit area.

Walmart, which has been closing a handful of underperforming stores each year, said it was shuttering 23 stores across a dozen states, according to a Business Insider report. None of the 90 stores in Michigan were listed.

Best Buy said it would close between 20 and 30 big box stores in 2023, while opening eight smaller concept and 10 outlet stores. The company did not say what specific stores would close, but typically closes between 15 and 20 a year, Business Insider reported. There are 30 Best Buys across Michigan.

Struggling under slumping sales and heavy debt from opioid-related litigation, the Rite Aid drugstore chain said in October it was accelerating the closure of some underperforming drugstores while it restructures under Chapter 11 bankruptcy. In all, 154 locations were affected. A month later, Rite Aid said it was closing 31 more stores. In all, 185 locations were affected.

Nineteen of Michigan's 154 stores were set to close. Nine of the stores are in the metro Detroit area.