Keep An Eye on These National Retailers That Could Close Michigan Locations Soon

It seems every week one of my colleagues is writing about national businesses that are closing across the nation, including their locations in Michigan.

It really shouldn't come as much of a surprise. Not all businesses have recovered well from the pandemic, and the steep rise of inflation and stagnant wages have made it difficult for consumers to, well, consume.

It's a vicious cycle of these businesses not being able to pay their employees a proper wage and likewise consumers not having the extra income to spend with these businesses, no matter how popular.

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In early April, Finance Buzz warned of 13 national retailers that could soon declare bankruptcy and close their doors for good. Many of them have already come true.

Joann announced bankruptcy in March. Rite Aid has announced several closures over the past year. Express recently announced it would be closing stores across America too.

Dozens of Michigan shopping locations have been affected by these closings. Now the accuracy of Finance Buzz's predictions are worth watching closely. The following stores are on their last legs and could be closing their Michigan locations sooner than you think.

JCPenny

Like many stores often found in malls, it's a tough go for JCPenny these days. The once national powerhouse retailer has 23 locations in Michigan.

Neiman Marcus

If folks can't afford JCPenny, it's even tougher to afford the luxury brands at Neiman Marcus. Of the retailer's 36 locations, one is in Michigan.

Foot Locker

Foot Locker announced in 2023 that 400 locations would be closing by 2026. At the time of the announcement, there were 35 Foot Locker locations in Michigan, nine of which were in the Detroit metropolitan. With nearly half of their locations gone, it could only be a matter of time for the shoe retailer to declare bankruptcy and sunset for good.

The Container Store

There are two locations for The Container Store in Michigan in Novi and Troy. Finance Buzz reports that the business had a tough holiday season and if downward trends continue all 101 locations across America could be in jeopardy.

Fossil

There are four Fossil store locations selling their name-brand watches in Michigan, but reports indicate they aren't selling nearly enough. Finance Buzz says the brand "may be counting down the days before the company potentially declares bankruptcy."

Petco

Finance Buzz says the pet retailer is struggling with debt with flat sales making it difficult to put a dent in the bottom line. This one could be a bit longer off, but don't be surprised if you begin to see more Petsmarts instead of Petcos in the future. There are currently 25 Petco locations in Michigan.

Lowe's

Home improvement costs have still not recovered from the supply chain issues from the pandemic. It looks like Finance Buzz is making a bold prediction here, but with confidence as the retailer has had declining sales for some time now. There are 43 Lowe's locations in Michigan.

Big Lots

Another projection from Finance Buzz as Big Lots simply struggles to compete with other warehouse retailers like Costco. Big Lots has 46 Michigan location and that number could start shrinking soon.