MULTIPLE locations run by a big arts and crafts retailer will start closing their doors this week amid going out-of-business speculation.
JOANN Fabric, which currently has 842 locations, has been in business since 1943.
The shutter dates are both reportedly set for Sunday, January 15.
JOANN in November confirmed to Best Life that a total of eight stores would be on the chopping block over next the next three months.
“In alignment with standard brick and mortar business processes, JOANN closes stores occasionally while simultaneously investing in, and opening brand new stores to best meet the needs of our customers,” the company said.
The closures have led to fans showing concern over JOANN disappearing for good.
However, it claimed in a Twitter post the closures are a part of its “normal business evaluation process” and not a reflection of the company as a whole as e-commerce will still be widely available to customers.
“We are definitely not going out of business or having any mass store closures,” JOANN said.
If your area is affected by the upcoming store closures, you might want to check out the liquidation sales.
For example, the Marion Star reported the location in the Centre mall was offering discounts on all merchandise that ranged between 20 percent and 40 percent off.
The U.S. Sun reached out to JOANN for comment.
OTHER STORE CLOSURES
JOANN of course isn’t the only major retailer that’s alone in closing stores.
Bed Bath & Beyond said it would be closing 150 stores as its sales are declining and it’s running out of cash.
The home goods chain, which has around $1.2billion in debt – may need to file for bankruptcy.
Bed Bath & Beyond could find itself in the same situation as Sears, which has already filed for bankruptcy protection.
Around 115 Sears across the US will close and prices will be slashed on goods by up to 40 percent.
At least four are shuttering this year and liquidation sales will start this month, according to Axios.
The move by the retailers follows the “retail apocalypse” trend of consumers switching their shopping habits online.
Retailers had to close 9,300 stores in 2019 because of this – with the stay-at-home orders from the pandemic accelerating that.
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