Revealing America’s business winners and losers for 2024

The 2024 markets have seen ebbs and flows, significant gains and losses, which have translated directly to some of America’s favorite retail, dining and travel brands.

Debtwire, the data processing company that tracks all things corporate distress and bankruptcies, has revealed which names came out on top this year – and who fell to the bottom.

Winners

Joan Fabrics and Handicrafts

Popular craft store retailer JOANN filed for Chapter 11 bankruptcy in March, managing to get through it without closing a single store and cutting its $1 billion debt in half.

“This is a company that saw a significant increase in its revenue as a result of the pandemic. More people were at home doing crafts, buying all the products that JOANN sells. But those revenues have since (returned) to somewhat normal after normal,” Sarah Voss said. “At the pandemic level, while we’ve seen shopping habits change, fewer people in stores, and increased expenses,” Debtwire’s head of legal, told Fox News Digital.

Companies are going bankrupt at the fastest rate since 2020: a “historic rise”

“With JOANN, just getting rid of the huge amount of their debt load was key for the company, and I think a restructuring like this really gives some kind of hope for the retail sector.”

Aid ritual

Pharmaceutical retail chain Rite Aid is also considered a success in 2024 in Debtwire’s eyes, as it has maintained customer loyalty despite a “controversial” Chapter 11 bankruptcy case.

“Right after they filed for bankruptcy, there was talk of closing their doors completely and liquidating,” Voss said. “But the company was able to move forward with the plan.”

“Rite Aid needed people who filled their prescriptions there to do so during the bankruptcy and post-bankruptcy period, and they were able to get through bankruptcy without losing a single retail customer…which is very important to a Rite Aid or a Walgreens or a CVS, when people can get “Get their prescriptions from another pharmacy down the road or even online.”

Walmart

Turning to companies that did not face bankruptcy fears this year, Walmart finds itself at the top. In its latest third-quarter earnings report, America’s largest retailer It raised its forecasts for this year After benefiting from increased spending on non-essential items and an uptick in pickup and delivery orders.

“With Walmart, it has found a way to appeal to cash-strapped, budget-constrained consumers in a way that other retailers haven’t,” Foss noted.

Amazon

Amazon has also emerged as a major competitor, eliminating traditional shopping methods. Earlier this year, Amazon shares hit a record high and its market value exceeded $2 billion.

“We constantly hear from retailers who have filed for bankruptcy that customers are shopping online from Amazon. Retail chains are having a very difficult time competing with them.”

Losers

Stores only 99 cents

The biggest loser in 2024, according to Debtwire, is 99 Cents Only Stores, which filed for bankruptcy in April to scale back operations, close the doors for good, and sell its assets to other discount retailers.

“If consumers are so shocked, why aren’t these companies having more success?” Phos assumed. “These are companies, a lot of them have a tremendous amount of debt. 99 Cents Only Stores said they had $1 billion to $10 billion in liabilities when they filed for bankruptcy… We’re just seeing consumers changing how and where they spend, you know, what The small amount of discretionary spending they have.”

This loss also translates to discount store names: “Some of them have acquired 99-cent store assets, and some of their stores are under a new umbrella… It’s a difficult business model for all of us to understand. And I think we’ll continue to face pressures in the year “New.”

Big lot

In recent days, large contracts have begun to hold Its sales “go out of business”. Big Lots launched Chapter 11 bankruptcy proceedings in early September to help facilitate the sale of “all” of its assets to “stalking horse bidder” Nexus Capital Management.

Big Lots has a similar amount of debt obligations to 99-cent-only stores, Foss noted.

Party city

Although Voss initially thought Party City might be able to see 2025, the retailer… It was announced just before Christmas It will close all stores after being in business for 40 years.

Party City employees lost their jobs after Friday, according to CNN. The company is reportedly looking to close stores broadly at the beginning of February.

“With Party City, it’s especially interesting because they just came out of bankruptcy last year. This will be their second Chapter 11, what we like to call Chapter 22, in less than two years.”

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Container store

On Monday morning, The Container Store filed for Chapter 11 bankruptcy shortly after the New York Stock Exchange decided to delist the retailer. Foss claimed that they faced problems with liquidity and profitability.

“This is a really important time for retailers in trouble. The holiday shopping season is very important for retail chains and can be a make-or-break time for a company in trouble,” she said.

“I think there’s been some talk with The Container Store about potentially getting an equity infusion from Beyond Inc., which is the company that was formerly Overstock… I think consolidation in the competitive space might be a good thing. You know, the problem is “There’s not a lot of third-party money or retailers willing to buy up these distressed chains.”

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FOX Business’ Eric Revell, Greg Weiner and Aislinn Murphy contributed to this report.