Not long ago, these companies were part of everyday American life, and some of them still are. But behind storefronts and branding lies a quieter crisis. Factors like mounting debt, shifting trends, refund demands, and tightening credit have pushed familiar names to the edge. You may know them. You may shop with them. But maybe not for much longer. And…there’s quite a surprising entry at the end.
1. Party City
The balloons are still floating, but the foundation’s slipping. Party City filed for bankruptcy in December 2024, hoping restructuring could save its struggling retail operations. Its profit margins were being impacted by supply chain chaos, inflation, and dwindling foot traffic. Although its stores remain open for now. But the celebration may already be winding down. And they’re not the only ones hoping to hold on.
2. Joann Inc.
Joann’s craft empire is unraveling. The fabric and hobby retailer has faced falling sales and steep operational costs since the pandemic boom faded. Eventually, it filed for Chapter 11 in 2024 and again in 2025, hoping to stitch together a comeback. But even loyal crafters might not be able to keep it afloat. Now let’s talk about a discount giant that’s also struggling to stay upright.
3. Big Lots
Unfortunately, discounts can’t cover everything. Big Lots is dealing with declining sales and a customer base squeezed by inflation. It closed multiple stores and issued warnings about its future. Once a go-to for bargain hunters, the retailer now faces questions it can’t easily markdown or clear off the shelves. And if you think that sounds rough, wait till you see what happened to the Dollar Stores.
4. 99 Cents Only
It used to be that you could walk in with a crumpled five and leave with dinner, snacks, and maybe a weird off-brand mop. But that’s not how things are now. By 2024, the chain couldn’t outrun rising rent, shipping costs, and well, everything. Stores started shutting down. Cheap only works when it still covers the bills. Even the hardware world isn’t immune to the shakeup.
5. True Value
True Value’s been around long enough to see plenty of ups and downs. But lately, the ground feels a little shakier. Big-name chains and online shops are pulling customers away, and many franchise owners are feeling stretched thin. It’s not collapsing yet, but the cracks are starting to show in small ways. And speaking of shaky foundations… seafood’s not looking so steady either.
6. Red Lobster
The shrimp kept coming, but the profits didn’t. Red Lobster ended up filing for bankruptcy in 2024 after a mess of expensive leases and choices that just didn’t land. People’s tastes changed and the menu kinda stayed the same. It’s still around for now but honestly, nobody’s sure for how long. And when restaurants start falling, they don’t fall alone.
7. Spirit Airlines
Spirit’s ultra-budget model is wearing thin as fuel costs rise and passengers demand more than just a cheap seat. Its failed merger with JetBlue left it exposed, and financial strain is mounting. The skies aren’t so friendly when margins are this razor-thin and planes keep flying half-full. Back on the ground, casual dining isn’t faring much better.
8. TGI Fridays
TGI Fridays isn’t drawing crowds like it used to. Fewer people are dining out, costs keep climbing, and the old-school charm doesn’t hit the same anymore. The chain has shut down a chunk of its locations, hoping to regroup. There’s still a chance, but the window to turn things around is narrowing. Even alcohol brands aren’t dodging the fallout.
9. Stoli Group USA
Things are getting complicated for Stoli in the U.S. First, market conditions aren’t exactly ideal. Added to that, there is the issue of global politics. Which has added an extra layer of trouble. Sales have taken a hit, and branding hasn’t been easy to navigate. Even for a well-known label, staying steady gets tough when the world won’t sit still. Now fasten your seatbelts, we’re heading into fast fashion.
10. Forever 21
Forever 21 has been here before, and the signs aren’t looking great this time either. The brand’s 2019 bankruptcy was supposed to be a reset, but foot traffic never really bounced back. Online competitors move faster, and shoppers have changed. Fast fashion might still sell, but Forever 21 is struggling to keep pace. And if you think retail’s messy, healthcare might be worse.
11. Prospect Medical Holdings
Prospect Medical is juggling more than it can carry. A lethal combination of financial strain, cyberattacks, and staffing problems has pushed some hospitals to pause operations or switch hands. Running healthcare like a business was always risky…and now it’s showing. Behind the scenes, the system looks more fragile than most patients might guess. But healthcare’s not the only industry feeling the pressure. Telecom’s got its own headaches.
12. Ligado Networks
Ligado had big plans in wireless, but it’s been tangled up in red tape and rising debt. Its spectrum project faced pushback from federal agencies, and now investors are walking away. The tech might have potential, but the obstacles keep piling up. Sometimes, timing matters just as much as innovation. And speaking of timing, one tech firm may already be running out of it.
13. Mitel
Mitel’s been around a while, but staying current hasn’t been easy. While competitors jumped to cloud-first solutions, Mitel lagged behind. Customers want flexibility fast, and the company’s efforts to catch up haven’t gone smoothly. It’s still in the game, but in tech, falling behind can quickly turn into falling out. Let’s zoom in on a smaller player that’s barely holding the line.
14. DocuData Solutions
DocuData offers document management services, but its space is getting crowded. Larger platforms now do more, and clients are moving on. Growth has been slow, and scaling up isn’t simple for a smaller firm. In a business built on organization, the future feels a little too uncertain right now. And if you think filing cabinets are under pressure, so are the car washes.
15. Zips Car Wash
Zips grew fast. But it probably grew too fast. It was adding locations faster than it could keep up with the bills. Despite subscriptions bringing in some steady cash, it could not keep up and stay ahead of the competition. Consequently, they filed for bankruptcy in February 2025. Meanwhile, a medical tech company with good intentions hit a very familiar wall.
16. DermTech
DermTech filed for Chapter 11 bankruptcy in June 2024. They had good and promising technology to detect skin cancer. Unfortunately, this innovative technology is not being adopted as quickly as they’d like. The ensuing result is that costs haven’t been easy to manage. Bankruptcy was inevitable. And now, let’s look at a car company with a futuristic dream and a financial nightmare.
17. Fisker Group
Fisker had high hopes and eye-catching EV designs to match. But building cars at scale has proven harder than expected. People are still interested in the brand, but it hasn’t been easy for this company to bring their ideas to life. And now for a smile that faded faster than expected.
18. SmileDirectClub
SmileDirectClub tried to disrupt the dental world, and for a while, it did. But by 2023, the company filed for bankruptcy. There were a number of issues including legal issues, refund demands, and customer complaints. It was a bold model: braces by mail. But running lean didn’t leave much room for mistakes or mistrust. Still, it’s hard to top the downfall of a true American kitchen icon.
19. Tupperware
Once a kitchen icon, Tupperware is now struggling to stay sealed. Due to several years of declining relevance, mounting debt, inflation and missed shifts in consumer habits, this iconic business has been pushed toward its collapse. It is currently exploring asset sales and restructuring options. Nostalgia can be powerful, but it might not be enough to save the leftovers.
20. Conclusion
Not all of these companies are gone. Some might figure it out, restructure, whatever they gotta do. Others? You might just wake up one day and realize they’re not around anymore. Business changes fast. 0Big names don’t always mean big stability. Sometimes staying open is the hardest part of all.