2025 hasn't started with a bang with several well-known retailers nationwide. Those would include both Macy's and Kohl's. Both retail giants have started the year by announcing several stores closures across the country.

Both of those companies are only trimming their brick-and-mortar footprint. Meanwhile, there's another major retailer that could be headed for the same ending that befell Christmas Tree Shops and Big Lots recently.

Joann Stores Nationwide are in Danger of Closing

According to CNN, Joann Fabric has filed bankruptcy for a second time in less than a year. In March of 2024, Joann hoped a restructuring of operations and a reimagining of what the company stocked and sold would help reignite sales. It didn't work.

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With the second bankruptcy filing, Joann will go into the same state of limbo that Big Lots just existed in. The more than 80-year-old brand is likely to be bought and most, if not all, stores will be liquidated. For now, Joann stores will operate as normal until the company can find a buyer and the future path becomes clearer.

Joann Operates Several Stores in Maine That Could Close

Joann Fabric currently operates five Maine stores in Portland, Topsham, Waterville, Bangor and Auburn.

Similar to Big Lots, if a high bidder isn't willing to take on Joann's extensive debt, the company will be forced to quickly hold 'going out of business sales' to liquidate inventory and close stores throughout Maine in a timely manner.


 

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