As the year ends, several well-known retail and restaurant chains are facing financial struggles, filing for bankruptcy, or closing locations in preparation for 2025. Here’s a look at the key players affected this year:
Party City
Filing: Party City filed for Chapter 11 bankruptcy on December 21 in the Southern District of Texas. This marks its second filing in recent years, following a previous bankruptcy that reduced its debt by $1 billion.
Future Plans:
- If assets are not sold through bidding, the company will initiate store-closing sales to liquidate all retail and wholesale inventory.
- Specific locations in Delaware:
- 1297 Churchmans Road, Stanton
- 1047 N. Dupont Highway, Suite 1049, Dover
The Container Store
Filing: Texas-based The Container Store also filed for Chapter 11 bankruptcy on December 21. Despite this, the company’s CEO has assured customers that the brand is “here to stay.”
Key Details:
- Parent company The Container Store Group described the move as a “recapitalization transaction” to improve its financial position and support growth.
- Specific location in Delaware:
- 2200 Fashion Center Blvd., Christiana
TGI Fridays
Filing: Casual dining chain TGI Fridays sought Chapter 11 bankruptcy protection in November.
Impact:
- The filing affects 39 company-owned locations, which will remain open.
- Hundreds of additional U.S. and international restaurants owned by third-party entity TGI Fridays Franchisor, LLC are not impacted and will continue operations.
Outlook for 2025
While some of these brands are restructuring to survive, others may be on the brink of complete liquidation. Shoppers and diners looking to visit their favorite locations should stay updated on announcements regarding closures and sales.
