Major U.S. Retailers Announce Massive Store Closures, Thousands Job Losses

Several major U.S. retail chains are announcing large-scale store closures amid challenging market conditions and restructuring efforts in 2025. CVS Pharmacy plans to close 271 locations to improve efficiency and focus more on digital health services, while assuring customers that access to pharmacies will largely remain intact. Rite Aid, facing its second bankruptcy, continues to shutter unprofitable stores to strengthen its financial position amid rising costs and shifts in consumer behavior. Similarly, Joann Fabrics, a crafts retailer, is closing all remaining stores following a bankruptcy filing and acquisition by GA Group, marking the end of its 82-year presence with extensive going-out-of-business sales. These closures reflect broader struggles in the retail sector, with competition from digital platforms, changing consumer habits, and economic pressures prompting significant downsizing and reshaping of traditional retail footprints. The impact extends beyond businesses to employees and communities reliant on these stores for goods and services.