Retail businesses are shutting down at a rate so alarmingly fast in 2025, you may feel like you could blink and realize another has vanished.
Perhaps the saddest story of a brand that called it quits in 2025 so far is Joann, a craft and fabric store beloved by its loyal customers. Joann was founded in 1943, so after 82 years of business, it was a shame to watch it close its doors.
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Another chain that was incredibly strange to see go was Party City. After 40 years in business, the retailer announced in December 2024 that it would file for bankruptcy and cease operations.
Related: Major retailer scores huge benefit from Joann bankruptcy
At Home is the most recent major retail chain to file for bankruptcy, announcing it would close 26 underperforming stores by September 30.
However, the business hasn’t winked out of existence yet, as it’s just entered into a Restructuring Support Agreement (RSA) with lenders holding more than 95% of its debt to eliminate the nearly $2 billion in funded debt and provide financing of $200 million that aims to support the retailer through its restructuring process.
Now another longtime home goods store is making drastic moves to keep itself afloat in a challenging economic climate.
Image source: Shutterstock
A 58-year-old chain closes stores
Kirkland’s (KIRK) , a Tennessee-based home good retailer that was founded in 1966 by Carl Kirkland and Robert Kirkland, has announced it will close at least two dozen of its 313 store locations.
Kirkland’s has not yet confirmed which locations will close. TheStreet has reached out to request more information.
The closings are part of a rebranding process Kirkland’s confirmed on June 17, where the company says it will change its name to The Brand House Collective.
This move comes after Beyond Inc., parent company of both Bed, Bath & Beyond and Overstock, acquired Kirkland’s IP in a $5 million acquisition.
Related: IKEA suddenly closing more stores amid concerning customer trend
While store closings typically sound like a bad thing, in this case they seem to be more of a strategic move in step with the company’s other brands. Beyond plans to open the first of six Bed, Bath & Beyond Home stores in August 2025, with the first being in Brentwood, Tennessee.
Some existing Kirkland stores will also be converted into Bed, Bath & Beyond Home stores, although the specific locations were not named.
Kirkland’s name will formally change after shareholder approval during its next annual meeting in July, which will also change its ticker from KIRK to TBHC.
Consumers want cheaper home goods
As consumers navigate an uncertain climate with the threat of tariffs looming, many have pulled back on nonessential purchases this year across many sectors, from food to clothing.
Retail sales fell sharply in May, with sales at retail stores and restaurants dropping 0.9%, the Commerce Department reported.
However, a few retailers are still seeing shoppers come their way. One is discount home retailer HomeGoods, which reported during its Q1 earnings call in May that comparable sales were up 4% year over year.
“Bucking a trend in the home industry now is our home business, especially HomeGoods. We’re quite proud the way they’re beginning Q2 as well,” TJX CEO Ernie Herrman told investors during the call.
Related: Beloved local Mexican chain closes locations without warning
