
Beloved Retailer Files For Bankruptcy Twice In One Year
A prominent retailer has filed for bankruptcy for the second time in less than a year. Struggling with mounting debt and supply chain issues, Joann, the iconic fabrics and crafts chain, announced it seeks a buyer to navigate its financial crisis. With 82 years of serving the creative community, the company faces an uncertain future.
Why Joann Filed for Bankruptcy Again
Joann first filed for Chapter 11 bankruptcy in March 2024, emerging as a private company just a month later. At the time, it kept all its locations open, promising stability for its loyal customers. However, persistent financial challenges and unexpected inventory shortages have led to this second filing.
According to court documents, production slowdowns—and in some cases, complete halts—of key products left Joann struggling to stock its shelves leading to a disruption in sales and pushed its $615 million debt to unsustainable levels.
What’s Next for Joann?
The company is now seeking a buyer to stabilize its operations. Gordon Brothers Retail Partners has set the baseline bid by acting as the "stalking horse" bidder. Gordon Brothers will likely acquire Joann's if a better offer isn't submitted, which could lead to liquidation sales and layoffs.
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For now, Joann’s stores and website remain operational, and employees continue to receive pay. The company reassured customers it remains committed to serving its crafting community, emphasizing that the sales process aims to ensure the continuity of its legacy.
Stores That Have Closed in 2024 and 2025
Several retailers have announced store closures locally in the past year:
Macy's
As part of its "Bold New Chapter" strategy, Macy's plans to close 66 underperforming stores across 22 states by early 2025. In New York, the following locations are affected:
- Lake Success: 1550 Union Turnpike, New Hyde Park
- Melville Mall: 834 Walt Whitman Road, Huntington
- Queens Place: 88-01 Queens Blvd, Elmhurst
- Sheepshead Bay: 2027 Emmons Avenue, Brooklyn
- Mall at Greece Ridge: 397 Greece Ridge Center, Rochester
- Sunrise Mall: 400 Sunrise Mall, Massapequa
- Brooklyn: 422 Fulton St, Brooklyn
- Staten Island Furniture: 98 Richmond Hill Road, Staten Island
- Fordham Place: 404 East Fordham Rd, Bronx
While these closures primarily affect downstate areas, the Macy's store at Destiny USA in Syracuse remains open and is currently the only Macy's location in Central New York.
Kohl's
Kohl's announced plans to shutter 27 underperforming stores in 14 states by April 2025. The majority of these closures are in California. As of now, no specific closures have been reported for New York State.
Bob's Stores
After 70 years in business, Bob's Stores announced the closure of all its locations. The liquidation sales concluded in July 2024. The closures impacted stores across Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island.
Several local restaurants and businesses also closed in 2024. Factors such as retirement and consolidation contributed to these closures.
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Gallery Credit: WIBX
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