List: Companies with Ohio ties that filed for bankruptcy in 2024

COLUMBUS, Ohio (WCMH) – From clothing chains to restaurants and furniture stores, dozens of companies went bankrupt in 2024, with multiple filings impacting Ohio consumers.

The most recent data available shows bankruptcy filings in America totaled to 504,112 from September 2023 to 2024, compared with 433,658 cases the previous year, according to the Administrative Office of the U.S. Courts.

As numerous national and local chains filed for Chapter 11 bankruptcy -- which allows a company to stay in business while it reorganizes its debt and assets -- stores and restaurants faced closures across the state last year. Effects of multiple filings, including planned closures and layoffs, are expecting to drag into the new year.

A list of some of the filings can be found below. 

Big Lots

Columbus-based retailer Big Lots filed for Chapter 11 bankruptcy in September, citing inflation and high interest rates. At the time, the chain also entered into a sale agreement with Nexus, a private equity firm, which was set to acquire all of the company’s assets and business operations. The deal ultimately imploded.

Big Lots has closed more than 400 stores nationwide as part of its bankruptcy process, including over 20 in Ohio. The company’s website states some Big Lots locations remain open in the state. It is unclear exactly how many local stores remain open and how many have closed, and if the remaining stores are headed toward closure, or will be saved after a new deal was announced. 

Big Lots revealed in late December it has agreed to a transaction with Gordon Brothers Retails Partners to sell its stores, distribution centers, intellectual property and assets to other retailers. Among the retailers expected to acquire Big Lots stores is Variety Wholesalers, who intend to take over 200 to 400 Big Lots stores and keep the brand moving forward.

In an email to employees shared with NBC4’s parent company Nexstar, CEO Bruce Thorn said that the pending store closures could “be reversed if we successfully complete a sale.”

Shortly before the deal was announced, Big Lots revealed in December that it planned to commence a mass layoff of 555 Franklin County workers at its headquarters, located at 4900 E. Dublin Granville Road. A WARN notice stated the layoffs began the week of Dec. 29 and will conclude by April. It is unclear if the potential deal will affect the layoffs. 

American Freight

Ohio-based furniture brand American Freight announced on Nov. 6 that its 328 locations across 41 states will permanently shut down. The news came after its parent company, Franchise Group, filed for Chapter 11 bankruptcy on Nov. 3. The company cited “sustained inflation and macroeconomic challenges” as reasons for the filing. 

The retailer filed two WARN notices with the state in December, conveying its plans to permanently close its headquarters at 109 Innovation Court in Delaware, Ohio and lay off 112 employees.  A first round of layoffs is set to occur on Feb. 3, and a second round on March 1.  

The furniture store began holding “going out of business” sales at its locations across the country in November.  At the time the sales were announced, the brand had 26 locations across the state, including four in central Ohio. All American Freight stores across the country have since officially closed. 

Party City

New Jersey-based retailer Party City filed for Chapter 11 bankruptcy for the second time in less than two years in late December. The company announced that it would start to immediately “wind down” its retail and wholesale operations as it prepares to shutter all of its stores in Ohio and nationwide.

Party City also filed for Chapter 11 bankruptcy protection in January 2023. That move allowed for a restructuring that eliminated nearly $1 billion in debt, but business challenges became too severe to overcome, according to the company.

The retailer said it will keep more than 95% of its 12,000 employees to help with the process of shutting down, according to The Associated Press. Party City’s website shows going-out-of-business discounts may soon entail at local stores for up to 50% off.

TGI Fridays

In November, Texas-based restaurant TGI Fridays filed for Chapter 11 bankruptcy. The primary driver of the restaurant’s financial challenges resulted from the COVID-19 pandemic, according to The Associated Press.

Shortly before the filing, in September, the company closed its Reynoldsburg restaurant located at 2928 Taylor Road. However, it is unclear if the closure is related to the bankruptcy. A sign posted on the door informed customers of the closure.

“Thanks for visiting our restaurant,” the sign read. “We truly appreciate our loyal guests and it has been our pleasure serving you. Unfortunately, we’ve made the hard decision to close this TGI Fridays restaurant. Again, thank you for your patronage over all these years.”

While the Reynoldsburg restaurant was the last TGI Fridays in central Ohio, six eateries remain open in the state, according to the chain’s website. The Reynoldsburg closure joins a handful more across the country, as the company continues to work through its financial challenges. 

Express

Ohio-based Express, whose portfolio includes Bonobos and UpWest, filed for Chapter 11 bankruptcy in April, with plans to close 95 Express stores across the country and all 10 of its UpWest stores. 

At the time of the filing, the state was home to one Bonobos store in the Victorian Village neighborhood, which has since closed. None of the company’s 10 UpWest stores were located in Ohio.

Among the 95 Express stores planned for closure in an April court filing were two in Ohio, located at 7540 Bales St. in Liberty Township and 5001 Monroe St. in Toledo. The Liberty Township store remains open while the Toledo shop has since closed, according to Express’ website. 

Melt Bar and Grilled

Ohio restaurant chain Melt Bar and Grilled filed for Chapter 11 bankruptcy in June. The brand faced a mounting debt, leading to difficulties in paying bills from landlords, vendors and service providers.

The owner of the eatery, Matthew Fish, shared a statement with NBC4 regarding the bankruptcy filing, blaming a “rapidly changing” world and industry after the pandemic with “growing economic issues.” 

“[The bankruptcy filing] gives us the best opportunity to reorganize and rebuild the company,” Fish said in July. “I refuse to let the company I have put my entire life into for the past nearly two decades end. I sincerely hope our staff, friends and loyal guests will continue to support us through this difficult decision and transition.”

Ultimately, the company’s efforts did not work, and the last remaining Melt Bar and Grilled, located in Lakewood, closed on Jan. 2. 

Before Melt Bar and Grilled closed its last restaurant, two Columbus eateries were shuttered. A restaurant off of High Street shuttered in 2022, leaving the lone area location at Easton Town Center, which closed in July.

Rue21

In May, Pittsburgh-based teen apparel shop Rue21 filed for Chapter 11 bankruptcy and announced plans to close its over 500 stores. The company cited challenges from the COVID-19 pandemic and consumers shifting to online retailers as reasons for the filing.

When the bankruptcy was revealed, the brand had eight stores across the state, none of which were in central Ohio. The store was once featured in Tuttle Mall and the Easton Market shopping complex, but both shuttered long before the May bankruptcy filing. 

Red Lobster

Orlando, Florida-based seafood chain Red Lobster filed for Chapter 11 bankruptcy in May, with plans to close nearly 100 restaurants across the country. The restaurant blamed its $1 billion in debt and the restaurant’s “endless shrimp” deal that yielded an $11 million loss.

Among the restaurants planned for closure in the filing was an Ohio location in Strongsville, at 17227 Southpark Center. The Strongsville eatery has since closed, according to Red Lobster’s website. Eight other locations in the state – none of which was in central Ohio – were also listed among the planned closures.