For the last three years, we have seen major retail companies undergo restructuring in terms of staffing and branding. When a company is unable to remain afloat after a restructure, they typically find themselves filing a Chapter 11 for bankruptcy. Not only do they file for bankruptcy, but they end up having to liquidate their goods. We share a list of major companies that are at risk of closing their doors for good in the coming year, and for the consumer, a list of companies you may want to keep an eye out for when it comes to exclusive deals.
Store Closing
JoAnn Stores
Move over arts and crafts – technology is hitting Joann flagship stores hard. The company has been struck by the shift and presence of technology that American craft store Joann is finding itself having to downsize. Founded in 1943, Joann was a specialty fabric and craft retail chain. In 1998, JoAnn acquired the House of Fabrics, and it began to expand its offerings. As of 2019, it has been trying to stay competitive by having a monthly subscription partnership with GoldieBox. The boxes are meant to target children and help them develop their STEM skills.
JoAnn Fabrics
