Here are 12 well-known companies that went bankrupt in 2024

New YorkCNN—This year was brutal for a number of well-known companies and their bottom lines.As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks.At least 19 companies have cut a combined 14,000 jobs because of bankruptcies, according to Challenger, Gray & Christmas, an outplacement services firm.Notably,retail closureshave picked up this year because the sector’ssugar highof 2021 and 2022 — when consumers were buying new furniture, televisions and clothing — has ended. There have been more than 7,100 store closures through the end of November, according to research firm CoreSight — a jump of 69% compared to the same time a year ago.Of course, filing for bankruptcy doesn’t necessarily mean a business is going bust. Companies tend to use the Chapter 11 process to wind down some operations, tackle mounting debt and save on costs by closing locations.Here are some of the most notable bankruptcies of 2024, listed alphabetically:Big LotsBig Lots filed forbankruptcy in September,after previously warning that it had“substantial doubt”about its survival. The discount retailer recently announced that its deal to sell itself to a private equity firm had fallen through and it will soon close its remaining 963 locations.BowflexPerhaps best known for its late-night informercials, the at-home gym equipment makerfiled for bankruptcy in March. It emerged from Chapter 11 a few months later, signing a deal witha Taiwan-based company to “acquire substantially all of the assets” for $37.5 million in cash.ExpressThe once-trendy mall staple filed forbankruptcy in Aprilafter consistently struggling with continued missteps over its merchandise mix that failed to get shoppers excited. As a result, nearly 100 locations closed and the company, which also owns theBonobosbrand, sold itself to a consortium led by WHP Global in June.An Express Men store in Texas.Brandon Bell/Getty ImagesJoannThe 81-year-old fabric and craft retailerfiled for bankruptcyin March, falling victim to customers cutting back on spending, including on fabric, arts and supplies materials. Joann’s stock was delisted from the Nasdaq and the company became privately owned, slashing its debt and keeping all 850 stores open.LL FlooringThe home retailer formerly known asLumber Liquidatorsfiled for bankruptcy in August. The retailer was hammered by budget-conscious customers tightening their wallets on pricey remodels and a slowing home sales market. After initially announcing thecomplete closureof its 94 stores, a private equity firm bought and saved the company.Party CityThe four-decade-old retailerfiled for bankruptcyin December, marking its second time in less than two years. As a result, Party City willclose its roughly 700 locationsearly next year. The New Jersey-based company faced inflationary pressures on product costs, which reduced consumer spending, according to CEO Barry Litwin, as well as $800 million in outstanding debt.Red LobsterThe restaurant chain that brought affordable shrimp and lobster to middle-class America and grew to become the largest seafood restaurant chain in the world filed forbankruptcy in May. Years of underinvestment in its marketing, food quality, service and restaurant upgrades hurt the chain’s ability to compete with growing fast-casual and quick-service chains. After closing more than 100 locations, Red Lobster emerged from bankruptcy in September thanks to a new owner and leadership that’s alreadychanging the menu.Spirit AirlinesThe yellow-hued budget carrierlanded in bankruptcyin November because of mounting losses, unaffordable debt, increased competition and the inability to merge with other airlines. Spirit said that because of its bankruptcy and negotiations with existing creditors, it will be able to emerge early next year with reduced debt and increased financial flexibility.Spirit Airlines expects to emerge from bankruptcy next year.Charly Triballeau/AFP/Getty ImagesStoliStoli Group USA, the owner of thenamesake vodka,filed for bankruptcy in December. A number of things went wrong for the unit, including a slowing demand for spirits, a major cyberattack that snarled its operations and several years of fighting Russia in court.TGI FridaysThe American casual dining chain known for its “flair” filed forChapter 11 in Novemberafter years of dealing with a shrinking footprint and a decline in customers. TGI Fridays said in a statement that fallout from the Covid-19 pandemic was the “primary driver of our financial challenges” and that it will use the process to “explore strategic alternatives in order to ensure the long-term viability of the brand.”True ValueThe 75-year-old hardware store brand filed forbankruptcy in Octoberand ended its legacy by substantially selling its operations to a rival. In court filings, True Value said it faces a significant cash crunch as the housing market has stalled and consumers have become far more picky about discretionary purchases like hardware. (True Value stores are still open because they are not part of the bankruptcy proceedings).TupperwareThe kitchen brand, known for its plastic food storage containers,filed for bankruptcy in Septemberafter years of falling popularity and financial troubles. In late November, Tupperware’s brand name and intellectual property were bought by a private equity firm that aims to keep the company operational.Tupperware filed for bankruptcy this year.Justin Sullivan/Getty Images