87. REI
How Many Stores Closing: 1
Current Value of the Business: $683.43 million*
In a twist of fate, the vibrant REI outpost nestled in Portland’s Pearl District is bidding farewell for good, echoing the solemn announcement made by the company back in April 2023. After nearly a year of anticipation, the time has come for REI to bid its final adieu, leaving a void in its wake.
Despite a valiant effort by local authorities to fortify security measures and sway REI to reconsider, the storied emporium on Northwest 14th and Johnson is set to shutter its doors permanently come early February of 2024. The decision to close shop stems from an unfortunate surge in thefts and break-ins, marking the highest tally in the store’s illustrious 20-year tenure at this cherished locale.