From clothing chains to restaurants and furniture stores, dozens of companies filed for bankruptcy in 2024, with many filings affecting Ohio consumers.
Bankruptcy filings in the U.S. totaled 504,112 from September 2023 to September 2024, compared with 433,658 cases during the previous year, according to the Administrative Office of the U.S. Courts.
As several national and local chains filed for Chapter 11 bankruptcy — which allows companies to remain in operation while reorganizing debt and assets — stores and restaurants across Ohio faced closures last year. The effects of these filings, including planned closures and layoffs, are expected to extend into 2025.
Here are some notable filings:
Big Lots
Columbus-based retailer Big Lots filed for Chapter 11 bankruptcy in September, citing inflation and high interest rates. The company entered a sale agreement with private equity firm Nexus to acquire all assets and operations, but the deal ultimately fell through.
American Freight
Ohio-based furniture retailer American Freight announced Nov. 6 that it would permanently close all 328 locations across 41 states. The announcement followed its parent company, Franchise Group, filing for Chapter 11 bankruptcy on Nov. 3, citing “sustained inflation and macroeconomic challenges.”
Express
The Ohio-based retailer Express, which owns Bonobos and UpWest, filed for Chapter 11 bankruptcy in April. The company announced plans to close 95 Express stores nationwide and all 10 UpWest locations.
Melt Bar and Grilled
Ohio restaurant chain Melt Bar and Grilled filed for Chapter 11 bankruptcy in June, citing mounting debt and difficulties paying bills from landlords, vendors, and service providers.
Financial experts warn that more bankruptcies could be on the horizon.