Joann, the Ohio-based fabric and craft store, has again filed for bankruptcy and plans to sell all assets to the same company that recently acquired Big Lots. One of
Plenty of U.S. retailers had a challenging 2024 amid higher interest rates and shifting consumer behaviors. Those factors and more resulted in a surge of store closures that totaled
Gordon Brothers Retail Partners LLC – the same firm that recently saved between 200 and 400 Big Lots stores from being liquidated – would serve as the "stalking horse" bidder for the Joann Inc. assets in bankruptcy court, providing a floor for any future bids.
Potential job losses loom at Joann's corporate offices and distribution center in Hudson, as the company navigates bankruptcy
Only time will tell whether Joann, the nation's largest retailer of fabric and crafts, will survive in Northpark Mall. The company recently filed for bankruptcy protection for the second time within a year.
A new report predicts this year will only get worse for the already-struggling retail sector, with the number of location closings expected to double.
Experts say the rise in store shutterings is driven by rising online retail sales and consumers converging on big one-stop-shopping chains and platforms.
While not much information is available, the company's plans to sell many store leases may provide some insight.
The 82-year-old retailer Joann confirmed in a corporate statement Wednesday that ongoing soft sales and inventory issues had forced it to file for Chapter 11 once again.
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