Bankrupt or closed? Here's the status of 6 local hospitals, restaurants, retail stores

Gianna Montesano, Treasure Coast Newspapers

Big Lots and Red Lobster are among the many corporations — ranging from retailers to restaurants to medical facilities — that have announced closures or filed for bankruptcy this year, citing post-pandemic financial struggles.

Here's the status of the stores with Treasure Coast locations:

Big Lots

Big Lots posted which stores are closing on its website.
Big Lots posted which stores are closing on its website.

  • What happened: Big Lots announced it plans to close 35 to 40 stores this year, according to a filing to the U.S. Securities and Exchange Commission.

  • Why are they closing stores?: “In 2024, the U.S. economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers,” the filing says.

  • Closures?: The filing does not say which locations will close, but certain locations have a website banner indicating they will close soon. The four Treasure Coast locations — one each in Fort Pierce, Jensen Beach, Stuart and Vero Beach — remain open and do not have the "closing soon" banner.

Express

  • What happened: The clothing retailer filed for Chapter 11 bankruptcy April 22.

  • Why did they file for bankruptcy?: To "facilitate" a formal sale of its retail stores to an investor group, which includes WHP Global, Simon Property Group and Brookfield Properties, according to a news release.

  • Closures?: Nearly 100 stores are indicated on the online store locator. Express has one local location at the Treasure Coast Square Mall in Jensen Beach, which will remain open.

Red Lobster

  • What happened: Red Lobster filed for Chapter 11 bankruptcy on May 19.

  • Why did they file for bankruptcy?: The restaurant chain cited significant debt, a carousel of CEOs, an all-you-can-eat shrimp fiasco and a 30% drop in guests since 2019.

  • Closures?: Nearly 100 stores nationwide closed, including the Jensen Beach location at 3544 N.W. Federal Highway. The Fort Pierce location at 6401 Darter Court remains open, making it the sole Red Lobster location on the Treasure Coast.

Sebastian River Medical Center

Sebastian River Medical Center, operated by Steward Health Care, is pictured Wednesday, July 15, 2020, in Sebastian, Fla.
Sebastian River Medical Center, operated by Steward Health Care, is pictured Wednesday, July 15, 2020, in Sebastian, Fla.

  • What happened: Dallas-based Steward Health Care filed for Chapter 11 bankruptcy May 6. The company operates the Sebastian River Medical Center and seven other Florida hospitals.

  • Why did they file for bankruptcy?: The company is finalizing the terms of debtor-in-possession financing from Medical Properties Trust for $75 million in initial funding and up to $225 million in additional funding if it meets certain conditions acceptable to Medical Properties Trust, according to a May 6 news release.

  • Closures?: All facilities will remain open and continue to serve patients, Steward said in the news release.

Tijuana Flats

  • What happened: Tijuana Flats filed for Chapter 11 bankruptcy protections after Flatheads, LLC bought the Tex-Mex fast-casual restaurant chain, according to an April 19 news release.

  • Why did they file for bankruptcy?: The new ownership and filing is part of a strategic review the company began in November 2023, according to the release.

  • Closures?: 11 restaurants between Florida and Virginia closed, but the Treasure Coast's two locations — one in Stuart and one in Port St. Lucie — remain open.

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Walgreens

  • What happened: Walgreens announced it plans to close underperforming stores, according to its June 27 third-quarter report.

  • Why will they close stores?: The company is repositioning its store footprint, noting about 25% of its stores are not contributing to the chain's long-term strategy, a spokesperson told USA Today.

  • Closures?: The company will close locations over the next three years, but has not announced which ones. On the Treasure Coast, over 20 stores remain open, according to its store locator.

Gianna Montesano is TCPalm’s trending reporter. You can contact her at gianna.montesano@tcpalm.com, 772-409-1429, or follow her on X @gonthescene.

This article originally appeared on Treasure Coast Newspapers: Express, Walgreens, Big Lots, Red Lobster closed, bankruptcy status

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